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Speaker 1: People will make some money. People are investing more. There's

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the stock prices in the American casinos got a big

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boost a week or ten days ago because of this

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announcement by the I think it's called the People's Bank

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of China, the Central Bank of China. And whenever I

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see the word People's I always know that the people

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have nothing whatsoever to do with it. Whatever the politicians

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give anything a name like that, if you don't create

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a boom, a temporary boom, and all the investors will invest,

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and they already have, and but you know there's a

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big risk, but the boom will bust eventually because it's

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not genuine prosperity as being created. It's just a temporary

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sort of political prosperity by the Chinese Central Bank.

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Speaker 2: You were listening to Carrie Letz's Financial Survival Network, where

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you get valuable information you just can't find anywhere else

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to thrive in today's trying times. You need the Financial

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Survival Network now more than ever. Go to Financial Survival

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Network dot com and get your free newsletter and gift.

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Financial Survival Network now more than.

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Speaker 3: Ever, and welcome you are listening to and watching the

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Financial Survival Network I'm your host, Carrie Lutz. Hey got

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a special treat for you today. Thomas Jay de Lorenzo

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is with us from nieces dot Org, and we're talking

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China and recent publication by him Casino Economy, and Tom,

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it's great to have you on the show. So we're

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talking pre call. We see these third world economies make

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humongous strides, and the reason they make these strides is

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vastly misunderstood by the public at large, probably probably more

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by deliberate than by accident. But they make these huge

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strides and then they inevitably crash and burn, like Japan,

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like China, like many countries in Europe and Western Europe.

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Isn't this just proof that in the end, the best

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solution we have to improving living conditions, improving people's people's lives,

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is through the free market.

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Speaker 1: Well, sure, I think what China is doing recently is

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they're imitating our federal Reserve. When you see some of

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these countries like you mentioned, have sort of temporary bursts

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of affluence. What was like us in the US in

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the early two thousands after the stock we had a

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bit of a stock market crash in two thousand and

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the government responded by trying to create a bubble, another

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bubble in housing, which it did in that bubble burst.

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And so for years, many years, I've been calling the

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FED our central playing agency. They have their fingers involved

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in and regulating almost all aspects of every financial transaction

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in the country. And in the Chinese Central Bank, which

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is run by the Communist Party. Uh, you know, in

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the last week or so, they're doing the same thing.

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They're they're they're, they're they added the equivalent, according to

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news reports, of about seventy billion dollars into their banking system,

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and they're hoping that'll create a bit of a bubble

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and more affluence and that. And then they're hoping that

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people will spend some of that money that they that

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they're supposedly going to make in the gambling casinos in Macau.

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And so American investors have blooded uh, have been buying stocks,

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you know, increasing the purchase of stocks in the in

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the American casinos that exist in Macau. And and that

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seems to be their plan. So yes, we'll probably see

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this burst of affluence that is temporary, and it's it's weird,

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you know, it's the jepe. The Chinese communists saying, oh,

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these other FED operates is how the Americans do it.

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Let's imitate that, And they're imitating so, you know, one

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of the worst examples of what we do to our

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economy here creating boom and bus cycles through monetary expansion

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by the Fed.

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Speaker 3: You know, it's they're learning exactly the wrong lessons. It

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looked like they were going to avoid the mistakes that

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the Japanese had made, you know, earlier in the eighties

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and nineties, and yet they're making all the same mistakes.

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The only maybe good thing they're doing is is perhaps

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buying up gold.

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Speaker 1: Yeah, yeah, that's about I remember. I remember the Japanese

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what they was supposed to be the savior of the

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world about nineteen eighty or something like that. But then

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they basically adopted Keynes and economics. They decided, well, we

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can spend to get the government to spend us all

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into prosperity. And then, of course, look how that worked out.

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They had a you know, they have very very long,

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what was a twenty year recession basically in Japan. And

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so that's that's where they were. And like I said,

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the Chinese seemed to be thinking that, well, we should

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we should ape or imitate the American Fed, and which

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which all the other central banks of the world have

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done for decades and with the same result. And I

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think that's you know, the old definition of insanity. You

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keep doing the same thing over and over again with

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the same bad result. But politically, everything, you know, everything

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is shortsighted in politics. Politicians are always interested in the

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next election in the democratic countries, and so that's why

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it works for them.

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Speaker 4: They get all they want to do.

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Speaker 1: Is pump up the economy now because I had an

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election coming up. And I think that's why Powell, for example,

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uh you know, tried to orchestrate a minor interest rate

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a couple of weeks ago to help the Kamala Harris campaign.

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And so in the other countries do much of the

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same thing. It's called the political business cycle and the

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economics literature.

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Speaker 3: So it's a happy days are here again.

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Speaker 1: Huh yeah, temporarily until the bus comes.

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Speaker 3: Yeah, Well, eventually the piper has got to get paid.

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How do you see this whole thing unwinding here?

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Speaker 1: Well, I think people will make some money. People are

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investing more. There's the stock prices in the American casinos

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got a big boost a week or ten days ago

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because of this announcement by the I think it's called

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the People's Bank of China, the Central Bank of China.

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And whenever I see the word people's I always know

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that the people have nothing whatsoever to do with it.

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Whatever the politicians give anything a name like that, if

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you don't create a boom, a temporary boom, and all

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the investors will invest, and they already have, and but

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you know, there's a big risk, but the boom will

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bust eventually because it's not it's not genuine prosperity is

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being created. It's just a temporary sort of political prosperity

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by the Chinese Central Bank in my view.

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Speaker 3: So you know, like, here's the question, peers. In America,

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the stock market is the greatest the wealth creation mechanism

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ever created known to man. But does it really create

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wealth or is it something else at play here?

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Speaker 1: Well, no, it redistributes wealth to the stock market investors,

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the real estate industry, and the banking industry, and people

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who make the big, big money through the stock market.

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But just look at the average American today. You know,

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if you say we're creating tremendous wealth with the average

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American today that's complaining about gas prices and food prices.

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They can't pay the rent. And the young people get

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out of college and they say things like I can

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never see being able to afford to buy a house

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and things like that. But then yeah, the the Wall streeters,

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the speculators and real estate people with the artificially low instrates,

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they do very well. But you know, prosperity is created

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by saving money, investing money, working and producing. That's what

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creates prosperity. But the financialization is financialization. It's not prosperity.

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It's just a means to an end, which could be,

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you know, help us along to become prosperous. We need

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the financial sector, we need the banking sector. But it's

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sort of become an end in itself in recent years,

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and it hasn't really spread the wealth that much. So

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that the college kids that were they're rioting and protesting

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over the one percenters years ago, they did have a

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points and I think that's why a lot of them

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hopped on the Ron Paul bandwagon. When Ron was running

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for the Republican nominee eight in twenty twelve, that he

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was beating up on the fed as creating this system

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of where yeah, the one percent of we're getting most

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of the benefits from the system.

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Speaker 3: Well, there's a rumor circulating that in the potential next

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Trump administration that Ron Paul is going to have a

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major job there, maybe a Treasury.

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Speaker 1: Well, just just a couple of days ago, Elon Musk

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contacted Ron Paul and asked him, would you have care

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to have a meeting talk about this Government Efficiency Commission?

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And Ron said yes, I'd be glad to And in

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three hours it had on on X it had four

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million views.

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Speaker 4: Love that.

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Speaker 1: So there's a lot of people who got very excited

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with it here that Ron is still alive in kicking

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and willing to engage in battle.

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Speaker 3: Wait, government efficiency, Isn't that a lot like jumbo shrimp

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and youl?

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Speaker 4: Yeah?

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Speaker 1: Or vert diligence.

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Speaker 3: Yeah, I mean, like, let's get real here.

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Speaker 1: Well wrong, We'll probably would probably tell him the only

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way to make government efficient is to abolish as much

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of it as you can. I doubt if Rad is

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not going to tell him to do this or that

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to make bureaucrafts more efficient.

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Speaker 3: Well, I suggest that anybody who's listening or watching this

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try this exercise go to chat EPT and tell it

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that you want to cut two trillion dollars off the

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US economy and you don't want to raise taxes, and

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how would you go about doing it? And you will

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get a list of hundreds of useless government agencies, redundant

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government agencies. The only the only department that didn't show

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up on that list was the Department of Redundancy Department.

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Speaker 4: Yeah, yeah, well we've got what do we have?

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Speaker 1: We have something like eight hundred military installations all around

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the world. That would be easy pickings there, to be sure.

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When Ron Paul was first running for the Republican nomination eight,

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he made the point that if we just abolish the

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income tax and replaced it with nothing, that the federal

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budget would be I thought, if I've got the exact date,

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but it would be about what it was around fifteen

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years earlier. And even then, fifteen years earlier, the government

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was grossly bloated, you know, far beyond the constitutional limits

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of what government should be doing. And that would have

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created tremendous prosperity and solved a lot of problems.

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Speaker 4: But it's not as nearly as.

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Speaker 1: Cataclysmic as you know, the establishment would make it out

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to be if we were to do.

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Speaker 3: That, Hey, how about if we get the federal government

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right now currently owns forty five point four percent of California,

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which is forty eight million acres. Now, if they could

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get one thousand dollars an acre, it would be forty

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eight billion, ten thousand, four hundred and eighty billion. All

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these other states that the federal government owns most of

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that was never intended by the Constitution or any anything

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that annects these states for the federal government to own.

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Speaker 1: You know, I think Nevada is even more extremely I

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think it's more closer than ninety percent of us z

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owned by the federal government. That's why if you go

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to Vegas, you get on the rooftop of one of

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these hotels where they have a restaurant, you see all

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the houses and the buildings that all of a sudden

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it's cut off and there's nothing. It's like a straight line,

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and that's where the government owned land starts. And so

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that's that's why Vegas real estate is so expensive, is

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there's more people want to live there, but there's no

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more They're running out of a room, and you have to

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build up in not out.

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Speaker 3: A Colorado, Alaska. Nobody wants to live in Alaska anywhere

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to speak of. But you know, Idaho, Idaho is a

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nice state. A lot more people would go there if

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it was cheaper. Yeah, Nevada is eighty percent and god Utah.

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Another state, Wyoming, and it's it's just and they do

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a lousy job of keeping these lands of mesas. Dot

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Org has written numerous articles comparing private land ownership to

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government landownership, and there's no comparison. The fact is that

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private ownership is far superior.

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Speaker 1: Sure, people always take better care of their own property,

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especially when they if you look at the timber companies

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and all that, there are timber companies that replant after

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they cut, They replan with what are called super trees

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and mature in like ten years because it's their assets.

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It's you know, their property is their asset, and if

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they despoil their asset, they're throwing money down the toilet,

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their own money. Whereas when the government gets involved and

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they lease some of the federal lands to the sort

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of politically connected companies that do this, they practice something

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called clear.

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Speaker 4: Cutting, where they they just you know.

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Speaker 1: Pull all these trees out by the roots, drag them

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down the side of the mountain and bring them to

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the lumberyard and they don't replant anything because it's lot

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their property.

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Speaker 4: They don't own it.

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Speaker 1: They're leasing it from the government, and as it makes

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a huge difference, and it creates a lot of problems,

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especially in the West, like you just mentioned, with the

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government owning all this property out there. But one of

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the reasons why they own it is that the example

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I just gave is that it's patronage. They can they

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can win political support in votes, especially money campaign contributions

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from farmers, ranchers, the timber companies by leasing in this

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land on the cheap below the free market price would be.

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And they use it as a sort of political tool.

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Speaker 3: Oh for sure. Even Georgia and Florida thirteen percent owned

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by the federal government. I mean, this is just the

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very definition of madness. Say one story that just came

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up talking about government overreach and it's become a meme.

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It has stormed, the Internet's broken. It is the story

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of these people. They rescue wild animals, take care of

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him in New York. They have a nonprofit and five

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or ten people from the New York State Department of

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Conservancy knock on the door, guns drawn, they have a warrant.

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They take their wild squirrel, who is the most popular

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squirrel on the internet, and their raccoon. The squirrel's been

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with them for seven years and they take them and

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then they kill them.

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Speaker 1: And this is like, okay, does Chris is cruel and

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heartless and uh and it sounds like, you know, the

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the FBI raid on mar Alogo. But it's after a

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squirrel and a raccoon, you know. And what I read

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was there armed police that held you the homeowner outside.

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He would stay outside and he had to go to

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the bathroom during the five hour search of his house

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for more squirrels, and he had to have a police

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escort to go into his own bathroom in his house

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during that five hour period. And that's truly a you know,

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government out of control, you know what, what what more

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can you say? That's that's so the Soviet Union is

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what we've turned into when things like this can happen

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to us.

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Speaker 3: Yeah, this is absolutely mind boggling. And in some bureaucrats

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mind though, this was all justified and and well and good.

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Speaker 1: Well, the bureaucrats are always always all about justifying their

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budgets and their existence. And so they always they're always

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flouding and scheming to create the perception of some sort

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of horror, perception of some sort of crisis. A civil

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society is always attacked. Private enterprise is attack. We need

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bureaucrats to protect us from from everything, even a squirrel

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in our house. Like I said, there was the argument

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they gave is, well, they don't want rabies to spread.

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Like you said, the squirrel lived in this guy's house

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seven years, you thought it would have spread rabies at

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some point during that time of that rabies.

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Speaker 3: Oh yeah, it's always you know, when the government does

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these things, it's always for your own good, right, Yes,

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it's not because of their their power crazed, you know,

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insane bureaucrats. They're there to help, right was Reagan's the

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old thing, the scariest words in the English language. High

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and from the government are here to.

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Speaker 1: Help you, my colleague here at the mess Institute, Mark

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Thornton was written, sure, I only articles on the war

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on drugs, and he made makes the argument that when

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you read about the war on drugs and people breaking

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down someone's home and saying sometimes it's the wrong home,

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and then they brush in and they take everything, and

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they confiscate your car, and you know, beat up your

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dog or shoot your dog and do all this. It's

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one of the things they're doing is they're teaching all

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the rest of us a lesson. You disobey and this

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can happen to you, not just about drugs, but anything.

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And so that's what I thought of when I saw

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this story about these these government thugs breaking into this

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guy's home and killing his pets, is they're sending a

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message you disobey us over anything, and this can happen

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to you, and it's time but that we stop that.

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And in one way or another, we can't have that.

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That's that's not in the public interest. Like these bureaucrats say,

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there are the criminals in doing this.

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Speaker 3: Yeah, the constitution means nothing, and you get some judge

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to rubb or stamp it. I mean, I practice law

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for years and I saw a lot of travesties take place. Yeah,

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legal travesties. It's the legal ones that scare me a

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lot more than the illegal ones. Yeah, well, I guess,

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I guess we continue on. Is there any way to

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avoid the ultimate collapse? Do you think Tom and Well

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I've been preaching secession for a long time. Rather, maybe

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after I'm gone, we'll see that in this country of

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people find some parts of the country or already you know,

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sort of de facto seceding in small ways from the

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federal government nothing else. Moving out of New York to

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Florida or something like that is sort of They call

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it soft secession in some circles, as where there are

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some places in America where there's a little more freedom

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than others, and so that's happening.

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Speaker 1: But I think, well, someday we'll see a full blown secession,

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and hopefully we'll have a president who's more like Mikhail

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Gorbachev than like Abraham Lincoln, and it will just throw

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up his hands and give up.

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Speaker 3: Let people walk away in peace. Hey, you know it's

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I did the same thing. I left New York after

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being there for thirty plus years, and I never looked back.

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The only thing I missed there is the pizza and

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the bagels and a couple other things, and my kids.

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But one day they'll be following me. Here this note.

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Speaker 1: I used to live in Florida and the New Yorkers

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would come down and complain about the lack of good

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pizza and bagels. And I never understood it because New

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Yorkers have been immigrating to Florida for decades and there

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are a lot of good New York based pizza and

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bagel places in South Florida. Well, if you look for them,

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you can find I mean, I can go right at home.

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Speaker 3: I know, but they're just not it's not as good,

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but you know it's But if that's the biggest price

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to pay for moving to Florida, and what you gain,

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I mean the Second Amendment alive and well embraced here,

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and and the federal government to offer to send election

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monitors here and our governor told them to stick it.

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And so it's amazing that Florida could be heading in

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the right direction relatively speaking. Believe me, there's still way

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too much government here in Florida, and most of it corrupt,

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But because we don't have a state income tax, at

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least there's less of it.

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Speaker 4: Right.

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Speaker 1: That's right, That's very important, and that's something that needs

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to be kept in place forever in Florida. That's going

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to maintain any settlas freedom. And a number of other

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states also that I like Tennessee doesn't have a state incltry. Yeah,

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nine state ashmill is becoming so popular, right, And it's

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it's also the lack of red tape, you know.

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Speaker 3: Sometimes sometimes the lack of regulation in Florida, like when

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it comes to homeowners insurance other types of insurance. It's

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it feels like it's not for the best, but all

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the other benefits that come with it. I'll take it

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any day of the week for sure. Tom. Tell me

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how we connect with you, how we find you on

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the web. I know you're on mess dot org, but

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where else do we find you?

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Speaker 4: Oh?

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Speaker 1: I'm a column this form Lou Rockwell dot com. You

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can see my articles on Lou Rockwell dot com and

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00:22:20,759 --> 00:22:24,119
you can check out my Amazon page. And I've written

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a whole bunch of books. The latest is called The

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Politically Incorrect Guide to Economics, and you can check me

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out on Amazon or Lou Rockwell dot com.

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Speaker 4: It's a man's name.

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Speaker 1: Lou is a founder of the Mesas Institute.

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Speaker 3: I know, and hey, we're grateful. I've had Lou on

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the show a number of years ago. Have to have

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them on again. Appreciate you coming on. If you've got

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a question for Tom myself, shoot me an email. K

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l at Kerrie lets dot com. The link to com

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sites is in the show notes to this interview on

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Financial Survival Network dot com. When you go there, please

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00:22:59,200 --> 00:23:02,000
sign up for your free newsletter like we're up to

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fifty thousand subscribers now. Really appreciate you coming on, Tom.

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Speaker 2: Thank you, thanks for having me gery, thanks for listening

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to carry Letz's Financial Survival Network, your solution to today's

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00:23:13,599 --> 00:23:18,440
trying times. For the latest, go to Financial Survivalnetwork dot com.

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Financial Survival Network now more than ever,