Today, I am going to offer some very blunt observations about the consequences of the ongoing bailout of banks, to which many of us have not been paying close attention due to the 24/7 mass media distraction of coverage about the global virus pandemic. Furthermore, I will offer a massive plot twist at the very end of this article, so please ensure you read all three acts of this article if you want to discover the big reveal.
Many of us believe that the US government can never accrue a debt burden too great to pay and will never have to be bailed out because they have a Central Bank at their beck and call that will perpetually devalue the dollar and print as many dollars as necessary to pay the interest on their government-issued debt (Translation: American citizens will be willingly placed into infinite debt by bankers and the government)— an argument that either reveals our failure to understand the fraudulent nature of the monetary system. Were the US government a real person named Uncle Sam, Uncle Sam would be bankrupt and every American bank would deny Uncle Sam a loan, even a small business loan of just a few thousand dollars. But to many economists, governments never have to be bailed out, because in theory, governments, through their Central Banks, can create as much money as they want out of thin air, despite the treacherous implications upon their citizens of doing so. Therefore, economists falsely believe “there’s no problem with _________ (insert any nation’s name) ever meeting their interest payments.”
Furthermore, many economists and career academics argue that the problems of the global economic and monetary system are not with a fundamentally flawed system, but that the problems are merely just one of confidence. Sound familiar? (Remember former US Treasury Secretary Hank Paulson’s similarly structured arguments during the 2008 global economic crisis.) Career academics often argue that everything that is wrong with the monetary system will go away if only people would get on board the propaganda machine and simply believe that the system is okay. This flawed line of thinking exposes the very reasons I have repeatedly stated the most education, especially a business education, at the world’s most prominent institutions, is utterly worthless. Why pay hundreds of thousands of dollars to attend re-education classes that produce career economists that state the way to keep a fundamentally flawed global financial system afloat is not to fix it, but to continue managing the perceptions of the public into delusion?
If you were to study the history of academia, you would realize that wealthy bankers, and in particular, the Rockefellers, provided the funding for much of the institutional educational boards, from the General Educational Board in America as well as the International Education Board. As such, they ensured that employees of the international global banking cartel occupied the boards of nearly every major institution of learning in the world from the early 1900’s onward, and directly influenced, as well as decided, what economic and monetary concepts would be taught to young adults worldwide…For this reason, obtaining an education in business or economics from Harvard or Princeton, outside of the connections you make, will hinder your ability to build wealth far more than it can possibly ever contribute to it.
Unfortunately, our questionable global academic system produces many delusions about the benefits not of education, because one could receive a wonderful education outside of the global institutional system. However, stay inside it, and the level of critical thinking development will be minimal while the level of delusion will be quite high. According to a recent college survey conducted in the US, 73% of students believe that they’ll have a career-related job within a reasonable amount of time after graduation, though only 41% of recent graduates report having actually found a career-related job within three years of graduation. However, here are the real statistics as of now compared to college students’ beliefs. Due to the lack of available jobs in the US, 80% of the graduating class of college kids moved back home with their parents after receiving their diploma last year. And according to the US Bureau of Labor Statistics, 2.4 million graduates along with 15 million unemployed (not even considering the millions more that are underemployed) will compete for 2.7 million available positions. So on average, 6.4 Americans will compete for every available job without the conditions that college graduates will even be able to apply for jobs in their desired fields of employment.
Nearly everything I learned at the University of Pennsylvania was utterly worthless to what I do today because my education actually prevented me, at the time, from truly understanding how financial and monetary markets really work. Thus, I would grade the value of my educational experience as less than zero regarding my ability to understand “the real world”. Actually having zero benefit would have been better, but in retrospect, since my academic experience hindered my understanding of how financial and monetary markets truly work, that is why I graded it as of negative value. My exposure to countless discussions with Wharton students about finance while in school and with Wharton and Harvard business graduates in the many years since I’ve graduated confirms my belief that top institutions of learning reinforce propaganda, and not reality, in their business curricula.
Today, the establishment views anyone that tells the truth and exposes their lies and faulty arguments as a trouble-maker and attempts to discredit and ostracize that person. If you are of the age where you are about to enter university, I would highly recommend reconsidering that decision, particularly if you are about to pursue a business degree. Since college students are already likely to end up living back at home with their parents after they graduate as the job horizon will appear no better in four years than it is today (unless you believe the drivel of government officials and economists), why not spend that time immersed in self-education of how the financial and monetary systems really work? In the process, students will save their parents tens of thousands, or even hundreds of thousands of dollars, in tuition and save themselves the fate of being a sheep led to the slaughter by banking apologists that dominate the academic world like Joseph Stiglitz, Paul Krugman and Jeffrey Sachs. Furthermore, students will be much better prepared to face the ongoing global economic crisis from not only a financial perspective but also from an educational perspective.
So here’s my advice, prospective students. Go talk to people with sensibilities that exist outside of the boundaries that you must attend school to become educated. Run to them! I assure you that spending two hours with someone lives by his or her own rules about education rather than being confined by society’s definition, will enlighten you a hundred times more about how financial and currency markets really operate versus four years at Harvard, Columbia or Princeton.
In fact, here some of the responses I have already heard regarding my multi-year predicted gloomy job outlook for college graduates:
But isn’t this the BEST time to send my kid to college? The economy is terrible now, so after he graduates, the economy will be much better, right?
You don’t REALLY mean that, do you? Everyone needs a diploma to fall back on. Who’s going to respect you without a college degree?
How is my child going to get ahead in life without a college degree?
Even when someone saw eye to eye with my viewpoint and generally understood the points I was trying to make in my article, in the end, they still bowed down to societal norms because of the fact that he or she has been conditioned to believe in the institutional system of education.
Yes, I understand what you’re saying. But I still need to send my child to college. What other choice do I have?
And the sentiments expressed to me by earlier readers of my article signal the proliferation of learned helplessness through our society. We unfortunately are led to wrongly believe that we have no choice but to indoctrinate children through a formal institutionalized process versus providing an alternate and far superior path of education and enlightenment. Famed US educator and three-time winner of the New York City Teacher of the Year John Taylor Gatto once stated, “It’s no secret that the US educational system doesn’t do a very good job.” However, if we look at the information Gatto uncovered regarding the purpose of the academic system as designed by the men that funded and implemented the foundation of the American academic system in the late 1800’s and early 1900’s, we discover, in fact, that that the US educational system accomplishes exactly what it was designed to do — to dumb us down and suppress our natural inquisitiveness and critical thinking processes.
Mr. Gatto revealed that Eldwood Cubberly, the future Dean of Education of Stanford University, in his 1905 dissertation for schools, argued in favor of implementing a factory-like production model in classrooms “in which raw products, children, are to be shaped and formed into finished products…manufactured like nails, [with] the specifications for manufacturing com[ing] from government and industry.”
I have pointed out numerous times the banker-funded state of business academia in America as my rationale for why business degrees are often useless. I have often told those considering entering business school that I could sit down and talk to them for three hours and probably give them knowledge that will be a thousand times more valuable than anything they will learn during a 2-year MBA program at Harvard Business School. I say this only because after receiving an MBA degree myself and then working at a Wall Street firm immediately afterwards, I learned that every single price setting mechanism in the real world functioned in a completely different capacity than that which I was taught inside the walls of business school classrooms.
Today, revered professors all across the US teach students the nonsense that bankers want them to learn and that bankers want them to believe is real, and NOT the reality of how currency markets, stock markets and commodity markets truly operate. Years ago, a great movie came out starring Hugh Jackman, Christian Bale, and Michael Caine called the Prestige about two magicians. In that movie, Michael Caine’s character stated that every great magic trick consisted of three stages, The Pledge, in which the magician shows you something ordinary like a pair of doves or a deck of cards. The Pledge is then followed by The Turn, in which he presents a twist that turns the ordinary into the extraordinary, like making an elephant disappear on stage. And finally The Turn is topped off by The Prestige, an act in which you stun the audience a second time by bringing back the item that was just disappeared.
So here’s the twist and the big reveal I promised you at the start of this article. The entire above article, sans the mention of a few names that would have dated the article and a few minor edits ,was simply a cut a paste job of two articles I published on my news site from a decade ago, one called “Delaying a College Education in this Economy is the Right Choice” and the other one, a private article that I sent to clients at the time about the future employment outlook. In both of these articles you would find some details I omitted from the above article, like the names of conducted studies that would have given away the fact that I wrote the above article ten years ago. But for the most part, in amalgamating the two ten-year old articles together to produce the above one, I did not change much at all, other than omitting some dated material and adding some additional verbiage in a manner that did not materially alter any of the above article’s points and meaning.
Now here is where I bring you full circle. When you were reading the above article, did you not believe that I was referencing the economic conditions that existed in April 2020 and not in October of 2010? Furthermore, the comments noted above, were replies to my 2010 article “Delaying a College Education in this Economy is the Right Choice.” And regarding the bleak prospects of jobs for graduating college kids this year, though a TD Ameritrade study conducted about ten months ago discovered that 50% of "young Millennials" plan to move back home with their parents after college, I would not be surprised at all if that percentage quickly rose to 80% by the time college kids graduate in the summer of 2020 later this year. And though I could not find any projections for the upcoming job outlook for college kids graduating in the US this summer, I would not be surprised it their job outlook is worse than the outlook conveyed in 2010, when 6.4 people competed for every one job that was available, and without the benefit of being picky and choosing a job that is related to one’s field of study in college.
All of these facts should immediately crystallize one fact. Everything bankers and politicians told us they were doing from the last global financial crisis in 2008 up until today to fix the conditions that precipitated the 2008 crisis was a complete lie. The conditions today can only exist as they were in 2008, and in fact, in my opinion, will eventually become much worse than the worst economic conditions of 2008, if the politicians and bankers never fixed a single problem that gave rise to the 2008 crisis. Consequently, because we’ve only seen the top of the proverbial iceberg of global financial meltdown that is coming in Q1 2020, we have not yet even experienced the Prestige, the third act of the banker/politician magic trick. However, unlike a magician that brings back something he disappeared during the Turn, when the next phase of the global financial meltdown occurs later this year, politicians and bankers will not deliver the economic recovery promised by the end of the global viral pandemic in future quarters, but they will make all hope disappear. However, there are solutions, so we should not despair, but simply diligently prepare daily for what is coming. I provide solutions every week on my podcast channel, on content delivered to my patrons, and in the upcoming launch of my 20-course online academy, skwealthacademy, so stay tuned.
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