Im action or time seeing welcome back to going underground broke of single or on the world from do by in the you a this week i me the allegations of bite and ukraine corruption, us authorities tried to prevents you as well position lead to donald trump running next is president ial election. Meanwhile, the global south, prepared for south africas brick summit itself to be st. Petersburg, russia, africa summit, where a new world order was planned out. But one of your, of a raging war killing tens, may be hundreds of thousands of content and cut off from vital Russian Energy by the terror attack on north stream economic powerhouse germany facing recession and one in 5. Not having enough to eat tonight. Some think your prospect so no good joining me is warmer. Im f economist, dr. David with david. Thank so much for coming on because i said all that and the european leaders who are being media would be quick to say hang on a minute, the russian energies all being replaced, no problem. The your rowe, as you yourself is said, people can watch your video on your youtube channel. The order is up to covered all the losses and ok, you are being lead is a very unpopular at home to everybody on both the left. But theyre having a good war. You. You bank to different . Yeah, yeah, i definitely think so. I think the short term does no question. I think, you know, europe, at least over the last 6 months, has benefited from basic collapse and energy prices. And um, however, what we need to recognize is the fact that while the absolute level buried your price of come down for europe, the price has actually gone up. Okay . That is to say that today europe is having to business problem further and further away to secure energy instead of buying basically the natural gas from russia and okay, they dont have to be to get a guitar the us. Well jerry, yeah. Okay. You know, its, im getting quite ill directly from ross or through the pipelines, you know, have to get a, everything gotten very far away places instead of getting there cool. And restaurants, the navigator from south africa in australia, in transportation is very expensive. And the whole, it just is very expensive. As a result, if you look at natural gas price, for example, today, natural gas price that German Companies are paying are literally basically 4. 00 times higher than what their us counterparts are paying. I mean the content that was not very competitive to begin with. Now they just being doing the math competitive basically uh hits. And this is why no wonder German Companies, one after another, are basically like, you know, picking up and relocating their manufacturing to the us to china anywhere they can access cheaper energy. Because what people need to realize is that there is no in europe without germany. And the German Economy is a manufactory economy and manufacturing economy by definition means its basically Energy Intensive industry, especially when you look at basically german chemical industries. Was one of the Main Industries in germany. Yeah, the biggest Chemical Company in the world as when it comes to the small g, okay, per year and then the whole entire nation of denmark. Okay, so from that point, i mean there is no now germany is already struggling with the fact that there be high in the production of the tv. So remember, 25 percent German Economy is basically making cars. Ok. And then in the industry to begin with, they have falling behind us in china and development of electric vehicles. On top of that, the electric vehicles basically requires 25 percent less labor to make a car then thats just a a combustible engine in the car. So germany is already being hit on every possible side. And now this war, i know i would argue a fatal blow to the German Economy. I almost feel like germany sleep, walk the into this because of the green party has decided that you know what we want. It basically get it far. No way to force drama need to in general, just stop consuming energy altogether. Whats gonna happen is the oldest pollution is not going to happen in china. Warranty you was, you know, the whole, you really believe the Global Climate hypothesis, the whole kind of still going down, you know, where do without germany. And guess what . Germany was lot losing jobs left and right. So this to me, it just absolutely 80 audi there is. I mean germany says told that they are walking into this and committing a Photo Economic suicide. Its unbelievable to which of course, uh, and to the blinking the phone with west exact pentagon contract, it would say to you, what are you talking about . Well look after your, well open all the natural gas terminals for all the last a gas and well sell them your of the it will replace that russian gas with natural gas to, to your from fractured oil. Sorry, frank, natural gas in the United States. What are you to here with . This is russian by the end are in fact what your thing is. Except its just more expensive, theyre not facing. Or do you think about this also, oil price, right. Right now its like, you know, what, you know, youre in the us and japan or say were going to basically pay 100. 00 more. Then everybody else to import energy because, you know, because i mean, right now the china, india and all the other countries of Important Oil from china, basic, its a 20. 00 and 20. 00 discount. And by the way, the warranty, basically this one of them for a sanction against washing energy, everybody will be consuming low energy price or possibly is a trying, itll be paying more for the europeans and whatever the japanese will be paying less for sure. But the point here is that you want to know is the americans, what do you, what, what do you are, please dont get it . Is it americans are not interested in the welfare of europe, or america feels that youre owes it to the us. America bill is like, you know what we said you twice. Okay. One world war 2. We said you find the cultures of the soviet union. We have been underwriting your security for the last 50 years and hard, you paid us back. And this is how the americans thought about when basically merkel wanted to build basically north spring. So they saw that, wow. After everything weve done for you, youre going to basically join forces with russia. Ok. This is the reason why and see how to drive. But why . Thats why this war to a way to extend its about basically driving a wedge by the u. S. Between europe and basically russia because a new was already was continue with china as a competitor. Us clearly did not one germany, a partner of the getting the bed together and also give the us basically run boards money because of what the us has is very, very low cost energy, abundance of energy in germany were to actually form a partnership with the National Insecure Russian Energy, then theres no doubt that us would have lost competitiveness. And for the us there was no way the us and was going to take this line down. Not up to are all these basically over and live is given for the protection of europe. So from that point of view, i mean, its completely understandable to me. Why didnt you was there when it did . What it doesnt make any sense to me is what the, your opinions are following for this. Can they not the same things a bit more clearly . I have what fire holds for spacing, all actual, then hes actually demonstrated any common sense. But ill get to know what the stream will particularly in a, in a 2nd, but clearly the by new ministration. The state department, daily press briefings, running completely country to what youre saying. They say, youre a Business Partner your up is, are, you know, you look at the install debug it made. So this is one big, happy family. Its not competitive. A tool. And do you kind of imply it in your on so there a well, i mean why would lead is in your group be amazing economic suicide. Like are you saying schultz macro sanchez, maloney cost um its a heck is very good. The crew and a 100 by the these lead is in your over it. Its, you know, 1st of all, i used to think what this is because good thing, right . You know, you part of the European Union. But right. The sessions are being made basically in the Committee Phase of leave throwing you dynamically. But i think more currently, i think thats the flag that youre things. In the last 50 years, the on your team project was meant design to basically eradicate nationalism in patriotism. And what is nationalism nationalism is doing . What is good for your people and the europeans ive been raised. This whole idea is that, you know what, you know, we want to basically do whats good for the common good, as opposed to ourselves. And then theres also the primary, sorry, david i got, i just need to be there just quickly say in fans, britain from where i think we are a who was born a very and on this to and they left the europeans. You youre exactly right. But remember, listen, i had high hopes id be, i saw us who knocked was gonna step away from this. But i think is some since he inherited a policy that was laid down by twice and trust was the biggest part of the. All right, i mean, for us to is the one that one a tier of things with china pricing was on was going to basically take it all the way to basically russia. Right. Because it was a complete disaster with no, no, even in breaking people. Know im by the way, also a pretty citizen. I lived there for 10 years. My heart goes out to the brakes and there is no doubt. I dont know if its ben wallace was no doubt, but to not i somehow dont think that if he has been on his own, if he has been because im going to be very different. It was maurice johnson. And i think again, forrest johnson. I think the guy turned out to be a complete disappointment. I cant believe i voted for him. I actually supported briggs in his also for i think he, his fathers being on the show, his fathers being on the show quite a few times. You know, it kills me because youre going to think about this right raises what i really, really mean. The reason why i was for briggs was because i told brittany by leaving the European Union in charge his own course english. I mean, the board as to what i vision is most accessible civilization on a plan. Right. And the, everybody speaking english thing just called to everybody when shakespeare and not basically tolstoy these days. But the point here is this. Right . Well, ready to fall . We traffic from the exit from braces from basically you have to make friends with the whole entire world. No, just think about this really is a 3 years after griggs in the u. S. U. K, supposedly best our has not even so far given that you can arrange for a agreement. So be you. Okay, and you always being, youre up and you havent even gotten wintery grievance, supposedly your best friend. You shouldnt be facing playing the role of the mediator. Because were, were just people, they far more than a year old. They have a global perspective, bbc, you know, so on, so forth. They should have basically taking advantage of, of crisis and become the piece broker. And the fact is this having been this way, i think is a total, its a get it to me, its completely against any kind of way as an adult, the frog magic policy for the good of british people. Again, im only because im not rooting for rush hour where you crane where us dropped. Im voting for the little guys. What i see the land guys in britain in the us and ukraine interruption are getting screw big car by bunch of incumbent and policy makers, especially in europe that have not tried to stop the american mountains to basically bring down russia. It will cost. Okay, buddy in fans as to the United States, you do say they are acting in a self interested way cmos just being on the show. People can watch our exclusive global, exclusive with them about north stream. You believe that it was a if it is the usa, the c, i a, a self interested acts. I mean, if we put Environmental Concerns to one side, because it would have been, it was the law just to me saying the emission event in history man man made. And joe biden says hes environmental. Hes interested is the environment. But this was it. This is a brilliant strategy by the United States. It was in terms of the economics as it is we, we know this started with kennedy really actually got the needle back to make a 2nd, getting free to basically talk the sanction against germany sporting part gas pipes, troops over unit. And now were now with the rang and they went out with obama, who was basically get us, you know, basically, i mean, someone who was bush, who was against basic construction of more stream one and a bomb. It was, it gets the sort of thing true. And inviting bass and of course the said, but you know, i think i think we know what might in that ive no doubt that you know, because again, you know, i, i dont know who did it. We didnt already know is that the water for a crime to be committed . It has to be a motive. The only kind of thing in part is as a mode into destroying. The last thing is, of course, the us because it is the best way to base him, destroy any chance that you are a isnt a negotiate with russia. Because the u. S. A was trying to destroy the one piece of leverage the russian might have on europe that might close to europe and just think more offensively about what they going to do. The us just took that away, destroyed. So there was no turning back to the europeans. Dr. David, who ill stop you the more from the fall, but will 3 strategist did, im if economist dr. This by the, the welcome back to going on the garden. Im still here with dr. David lou for mobile 3 strategist, and im going to miss david you, we were to, he in board one about the United States is, must apply. Im here and its mazda strokes as to how long your can continue to committee, you know, make suicide. Give me, do you think it will be up to civil unrest . I mean, we saw some civil unrest across the whole of france and switzerland. Weve seen some room this week holland. Otherwise, we havent really seen anything by the people of europe, off of expressing distasteful their lead is positions on the following Living Standards because of the war in your what, what is going to make them change higher Interest Rates . It is interesting because people say, oh wow, why, you know, you know, because, i mean, seriously, a year ago, it was a pretty big thing that by now you have to be in the basically the recession hasnt gone into that recession. You know why . Because europe has been amazing cisco stimulus for the whole system and now stimulus. Okay, were talking about subsidizing energy, subsidize, and consumption. All that kind of stuff, that no doubt was the reason was disappearing. Economy after the us economy 2022. But in this, they were listening, tenuous through 2023. So from the point of view, i would argue so far the europeans have really felt the pain. Okay, well i think what were talking about right now, what im talking about right now is long term pain that has yet to come. By the way, what youre going to see is a wholesale, basically like literally people being lets go laid off in germany where people are going to basically, you know, certainly go into protest demonstrations and so forth. But what im saying this is that this is why i think next year is interesting. But meanwhile, the interesting thing, what i dont understand is this, you know, you say, well democracy right now is very clear and you found in german opinion, impulse never pay anything where. Ok, division between people want to come to support ukraine. The people dont want it continues to support ukraine. One thing that germany is competing total suicide. What is actually been going on right now . I kind of feel like they are basically citing. You know what the next election is not going to be for another 2 more years. Yeah, you know, whats gonna happen between now and 2 years time, who knows by then rush or might have been defeated and so on. So for the result, both marketing in shots are behaving as the Public Opinion doesnt matter. They are behaving as though the only thing that just hunky dory. They are basically doubling down their basement housing. Theyre sending weapons or whatever. I mean, the differential starting to send, basically christmas with directv. Christ is almost as though they feel like, okay, fine. I lost the 1st row. Okay. The only shows now is that im going to double dont know, i guess what am i call you to run for a 3rd term. So carrots, as far as hes concerned. Thats the problem. This is why i actually think what this entire solder is showing us is the weakness of our democratic systems. This is to say the russia in china have better political systems. Ok in terms of decision making. But there is no doubt that democracy is failing. The europeans, in a very big way, i can, i can say roger and china, russia trying to say they are democratic, of course, in different ways. Russians elections have been the independent, the jacks. But actually, its your fault in a way, david, because you are the im f between 96 of 2000. And the only leave of these european governments have under the regulated markets, is Interest Rates to cub information. If you also hoped for the way the economies are now set up with their, uh, e and again. So you are being central bank, the bank of england. They dont have any other methods of being able to look at the economy in a different way. As regards strategic investment a i, im still high Interest Rates and the only reason why im for high Interest Rates is that i think it will be you know, a tragedy. And we see basically what happened to 19 seventys making a major come back, especially in the country like the u. K. Which i really care for by the way. Okay. You are now remember like it was boucher and though literally the he bought the crack down the whole entire thing to bring down in placing these by cations. So from that point of view, like youre arguing there was one thing, the western economy is accomplished in the last 30 years. Also things to basically globalization. The integration of china in the global economy, which helped drive down. I should, you know, what they really successfully managed to do was bring down basically inflation, which allowed them to bring down Interest Rates. Now, you know, you can, with even pushing with those with these levels in your core, inflation is still base and be very high above 5 percent. A basic inflation level remains. Lets just say for example, we now have a major russian offensive in the next month, which is my prediction. Okay, i think were probably going to go sky high. I think that basically we can see literally natural gas price going right back up. Okay. In europe this facing the winter and where you see it repeats in the next, whatever it spring to 6 months, like what we saw like last year. Im telling you the inflation genie will be impossible to put back in the model that youre going to be talking about. Speculation. That question is even worse than reception, by the way, a good thing is in the research and you can bring down these those rates in a 2nd place and you cant even bring them into a phrase because any impression is going to go up even more. Okay, we saw that we saw the for the west, it figures from britain since 1961 is a portion of a g, d p. We see germany in recession, how carefully given the brick summit is coming up. How carefully to global side countries have uh, have to be when it comes to divesting themselves of debt, european debt, and, and the american debt that the given video board training and kind of catastrophe in nato countries economies because obviously they cant just sell it now. Because the seller will about china is being selling a gradually by 800000000000 now. Um yeah. Okay, definitely. Do they have to do that 1st . Well, not that much. Not that fast. By the way an economy would possibly yeah. Im not worried about the us dollar yet, because 1st of all of us is the big winner out of this. Right. I mean, the us is, you know, basically using your to basically, um, to basically, uh, stop russia then we would try. Right. Because, i mean, i mean, i mean china was basically, as Bill Drummond is largest export market out of your up and not the us by the way. And what time, even though theyre kind of what with each other, are allowed to be right. Exactly. But the point is that was who you was is still looking pretty know, but what we have in the sand about the global south is, 1st of all the global stuff as a group. Were talking about know china, brazil, russia, india and basically the rest of them. They have one on the hall. Ringback an aggregate, chrysler plus, in other words, as they are necessary, not to say verse, which means that they know how to invest their money, Something Else outside the block. Right now honestly, in your, in view, this is man, okay . You just basically saw some stuff to basically rush or are you happy to sit on the roster and roll . Well, what do you ever Chinese Business men be interested in . Basically sitting on the indian routine . Probably not. I can guarantee you. Probably not. One thing is to basically make payments using a break currency. Another thing is to fix your hard earned savings and investment is basically office. Theres a reason why the dollar is, is where it is right now. The us stock market has been the best performing stock market in the world and the last 2 years. Okay. This is, there is no other market that even comes close to charging stock market is the one of the worst. 20 years actually is this part of our chinese, the companys been growing. The chinese stock market has been terrible, terrible because Chinese Companies are not very profitable. And because the country is still based on that. So you will, they could be the different system as to how investment is made as, as, apart from the printing of money, which has happened in the United States since the west and economic crisis. I mean, you make the point in your video about the, the dollar, but that good sanctions change all of that. I mean, given that the usa, you know, the, the New York Stock Exchange has done very well. But the point was, the dollar is fungible. You can sell it, you can buy it everywhere. Its a dont sanctions change that for the 1st time, people around the world suddenly realize its not safe to have dollars storage. Because your country, whether it be in latin america, central america, or africa, or as as east asia, if, if you politic, then you take the wrong part of is the state department sees it, you, you can be sanctioned, you can lose the money. You can have 3rd party sanctions. Its not a great currency after all. Are sure. This is why you know, what are the dollar, the questions where you going to his partner cards, you can do the job nice and the europeans are in the, are you co host of the us . So its like if you dont want them to get comfortable, you was going to come get it by europe in japan as well. So when you look, the width is investing each other and there are lots of problems with that. As we said before, right . Well, one thing you have to set lower returns no power or is that because i do think there is one else that will do every so ill perform everything go. That has to be goal. Right . Yeah, theres only goal and its going to be says, no, go like this is why i moved out like the reason why gold prices haul up very high despite this all up in bonds. Because normally when Interest Rates go up, you know, go present, go down because goal doesnt pay interest. So thats why Interest Rates go, go, price goes down. You know, in the last year its pretty remarkable. The Interest Rate been going up, the goal is still very, very hot. Okay. I get uh, i can always hear the car and see trade is right now complaining that youre, youre forgetting another another way out of all of that. But um, uh, but the why, why do you think it is then that there is this a group think im in think tank some extra unless in the media and the monthly does that alone politicians then in nato countries that think the everything is going to be is good, its going to go the way they want it to be to go and the to the dollars still there and sanctions are useful weapon. I mean, why did everyone think the sanctions were gonna work against russia . I just want to say this, you know, like what you get down to the brass tax. Why the dollars so strong . Despite all the problems that us faces is because, you know, apple is a us company. Facebook is us company. Google is a facebook, its a company, so its a us company and microsoft, i dont to tell you today these the so called, basically magnificent 7. Know what the 25 percent of market capitalization s and p 500 these companies and not for lease their global monopolies, the wi fi, the way the u. S. Foreign policy is being conducted to allow these Companies Continue to basically means him that monopolies what is really going on is that the whole entire world, especially in europe and the allies, are paying any tax to the us every year in the form of basically what revenue to be basically us tech monopolies, thatd be kind of also meanwhile, the biggest donors to the Democratic Party that basically use everything they got to help basically democrat, secure the 2020 election in the midterm. But that is why the dollar is. So start, i think the most important things happened the last 3 months in the market is affecting your cleaning and Government Debts. A hi phone of a 50 percent. Im talking about price appreciation and youre the best buys Ukrainian Government bon, maturing on 2040 what day and hes gone of 50 percent. That thing has output. But everything including all the big tech monopolies. And the reason is because more people are thinking all, while ukraine is going to kick them off to the buying said the ukraine, the what is already lost a war. Yeah, ive got, by the way, investors may be thinking that, you know, may be, you know, as the new ones get drag deeper and deeper into ukraine. You craze. Problem becomes americas problem. Maybe the us tax pay us going to be on the hook for you crate Government Debt and liabilities and everything else. I urge anything to the next few weeks. You will see that ukrainian basically counter offensive run this course. I think the russians what has really impressed me again. This is not about me being pro actual, a brief new crepe. Just as an objective observer has been basically battlefield, the russians are constantly learning from their mistakes. If you look at the development of you, what is the length of the drums . The cases need to basically helicopters. Youre talking about basically the so 30. 00 and 4. 00 mean youre talking about the night vision goggles. The rushing, basically new a True Technology has been a little totally like going from a revolution every 3 months. The rush was, im no finding with weapons or the who have 18 months ago because they didnt exist 18 months ago. And not to me is the most impressive thing. This is the reason why, why so why has to walk around the same circle . Roger is Getting Better and better, and this more its going to be won by technology in the end. Because i know the premiums are good fighters, they are fearless, the patriotic, theyre just going on these 2, as i mentioned. But any, and i think technology is going to win, and russia is going to base the cost of it. Russia, horses basically ukraine, that will be the end of the american head, your money, as we now talk to you. They have it. Well, thank you. Thank you. Thats it for the show. More economics and the impact of the war in europe on monday was renowned professor Michael Hudson to discuss his new book on debt, the collapse of antiquity. But until then, keep in touch very well. I social media, if its nonsense and then youll country and had to a channel going underground tv and rumble dot com to enter new and old episodes of going undergrad. See monday the the the dont ask for a to University Goes up in flames as ukraine sales residential areas of the russian city. Of course, one of the ports from the scene of the legit across the ball name. First, 2 or 3 of those ball sounded like a believe or to reach shutting. But this was followed by a savings of explosions, very, very close together, which is characteristics all costs to be nations. My only field you is that you should not stay home as im not doing the struggle for myself. Im doing it for my nation for you, for the future. If your children, if you dont write up for your rights, you will leave the live of slaves and wrong carla and his, his so for his to protest as a packet funding quotes and
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