A “Very Slight” Recession

Fact-Checking Biden [The Daily Reckoning] October 14, 2022 [WEBSITE]( | [UNSUBSCRIBE]( A “Very Slight” Recession - Biden: It’ll just be a “very slight” recession… - The Eiffel Tower and civilization… - “We can get the lights back on — even if fueled by fossil fuels — or face a grim new Dark Age”… [***SPECIAL PROGRAMMING ALERT***]( [Click here for more...]( We interrupt our normal publishing schedule to bring you an urgent message. (Our publisher recommends you act on this urgent info, immediately): October 14th 2022 Could U.S. Patent #10-803-522 Impact Your Retirement? It predicted every market shocker over the past 2 years, including: - War - Inflation - Lockdowns - Supply Shortages - Energy Shockwaves And now… U.S. Patent #10-803-522 [is sounding the alarm on the NEXT big shocker.]( (And no: it’s not a market crash). What exactly is going on? [Click Here To Learn More]( West Hartford, Connecticut October 14, 2022 Editor’s note: The president claims that if the economy is facing recession, it will be “very slight.” Will it be? Today Jeffrey Tucker fact-checks the president. [Jeffrey Tucker] JEFFREY TUCKER Dear Reader , Can you believe it? Joseph Biden has weighed in on the great question of recession. He says he doesn’t think there will be one. If there is, however, he says “it’ll be a very slight recession. That is, we’ll move down slightly.” Move down slightly, huh? How about the longest decline in real income in the postwar period? That’s where we are right now. We are two quarters deep in declining real GDP. In about 10 days, we’ll get reports on the third quarter. At this point, hardly anyone believes these reports in any case. We only watch them to see what the next official excuse will be. Watching politicians speak these days is like watching a bad comedy series. It’s like they are caricaturing themselves. It was Biden who said inflation was transitory and then that it is only moving up an inch. Meanwhile, people shop in stores and fill up their gas tanks and discover the truth. We are being financially slaughtered by these people. Moving down slightly is not the best phrase. Falling apart is more like it. The IMF, World Bank, and every major investment firm have downgraded predictions for U.S. growth for next year. They are just making things up of course. The figure they are all throwing around is 1% growth. That’s just wishful thinking. The decline is already here and it is dramatic. The sectoral problems we are facing are immense, and nowhere are they more clear than in the energy sector. The Biden administration along with the European Commission have placed a priority on transitioning from fossil fuels to the sun and wind, which would amount to the forced dismantling of industrial civilization and mass human suffering on the part of those who live through it. These people now having held power for two years, and then fomenting a war with Europe’s major provider of energy resources, Europe is in major trouble. Gas and electricity rationing and price controls took over policy in a matter of weeks. There are street fights over gasoline breaking out across France. [Click here for more...]( James Altucher has been helping people make a fortune with cryptocurrencies for several years. The whole internet laughed at him when Bitcoin crashed from its high of over $19,000… … but the laughing stopped when Bitcoin rocketed even higher, just as James predicted… … hitting over $60,000 in value. Now it has crashed again… and James is back with a NEW prediction about how to make a fortune with cryptocurrencies. And it’s NOT with Bitcoin. Find out what James is predicting now… and how to make up to an 8,788% return with crypto by 2025. [Click Here Now]( The Eiffel Tower Just how serious is this? Very. The lights on the Eiffel Tower are now being shut off before midnight to save about 4% of the costs of lighting the thing. It’s already in disrepair, much like the public statuary in Rome, simply because the government is so mismanaged that they cannot get the funds and focus to keep the thing looking pretty. The tragedy is huge but the symbolism is more so. The tower is a beautiful symbol of the Belle Epoque of French history, finished only five years after France gave the U.S. the Statue of Liberty. That whole generation was in a swirl of wild excitement about how technological innovation was going to spread prosperity and peace throughout the countries and the whole world. The statue and the tower were both symbols of that outlook. Economic growth rates in that period in the U.S. under the gold standard reached double digits. Life spans expanded dramatically. Incomes exploded. People were moving to the cities to escape generations of poverty in the countryside. It seemed like nothing could go wrong. The music of Mahler and Brahms swept Europe and the U.S. was exploding in areas of art and publishing. Schools had affordable textbooks for the first time. Flight was being experimented with. Internal-combustion engines were the rage. The rich were installing electric lighting. Indoor plumbing was coming to middle-class homes along with new systems of heating. What a time! The Eiffel Tower was built as a monument to progress and released at the 1889 World’s Fair, which also featured the first elevator company, Edison’s new phonograph as well as the Barnum and Bailey Circus. Love of progress was everywhere! And yet here we are today, a time when France forces the tower to go dark to save resources. It’s a bad omen, I tell you. The lights are literally going out on everything we only recently called civilization. It’s like they are TRYING to create the new Dark Ages. PayPal and Surveillance We hope you did not own much PayPal stock before the meltdown of this company this week. A bureaucrat decided to put into the “acceptable use policy” mention of what they were already doing, which was deleting the accounts of people they don’t like. So the new statement said that they would take $2,500 from anyone spreading “misinformation.” The anger online exploded thanks to Twitter and other sources. People began to pull their money out and shut their accounts. It was a run on the bank! Only then did PayPal relent and tell their users that it was all a mistake. The idea that they would pillage you for misinformation was itself misinformation! [Biden Just Signed Death Warrant On Your Freedom]( [Click here for more...]( If Biden’s Executive Order 14067 comes to pass, a former advisor to the CIA and Pentagon is predicting legal government surveillance of all US citizens; total control over your bank accounts and purchases; and indefinite Democrat control past 2024. He says Covid was a trial run for how to control a population. Dems will use their “pandemic playbook” to silence any dissent. See exactly what to do before it happens… [Click Here To Learn More]( In truth, this was nothing but a foreshadowing of life under central bank digital currencies. They want to surveil us all and take our money for holding the wrong views. China has shown the world that they can control the whole population this way. PayPal was designated to be the test case. In truth, this was a huge disaster for the company simply because of the customer revolt. Here’s the problem all these companies face. They can either serve their customers and the stockholders or they can serve the ruling class. They cannot do both. Every single tech company and bank today will have to choose. The Public Wakes Up The last 30 months of public life in the U.S. and the world have been an amazing disaster for regular people. But there is an upside. Now we all know exactly what it is they are trying to do to us. People are furious and ready to act, just like the massive public revolt that PayPal faced. Will it be enough to stop the decline and fall of the West? We await the answer but there is more hope today than there was a year or two ago. A giant called public opinion has been awakened, and they are making sure that the woke go broke. It’s only round one with many major battles ahead. The ruling class that is wrecking the world will not go down without a fight but at least that fight is now being engaged. The tragedy is that it did not have to be this way. As in 1889, only a few years ago, the West was on course to fix many problems and build a bright future of technology and prosperity. Instead, a small cabal decided to take us in the other direction and now we truly face a choice. We can get the lights back on — even if fueled by fossil fuels — or face a grim new Dark Age. Whatever that looks like, it will not be a “very slight” recession. Regards, Jeffrey Tucker for The Daily Reckoning Editor’s note: In Jim Rickards’ 2011 book Currency Wars, he warned that the U.S. was engaged in a special type of economic war. Jim said that these wars would: Degenerate into sequential bouts of inflation, recession, retaliation and actual violence as the scramble for resources leads to invasion and war. The historical precedents are sobering… Some version of the worst-case scenario is almost inevitable. Now with Putin invading Ukraine, rising tensions with China, inflation, recession, supply chain issues and the potential for greater violence breaking out all over the world… It seems Jim’s worst fears are coming true. [That’s why he recorded this short video message.]( Jim wants to help you prepare for what he fears is coming next. Because if history is any indicator, there could be real trouble ahead. [Click here to view Jim’s urgent video message.]( Thank you for reading The Daily Reckoning! We greatly value your questions and comments. Please send all feedback to [feedback@dailyreckoning.com.](mailto:dr@dailyreckoning.com) [Jeffrey Tucker] [Jeffrey Tucker]( is an independent editorial consultant who served as Editorial Director for the American Institute for Economic Research. He is the author of many thousands of articles in the scholarly and popular press and eight books in 5 languages, most recently Liberty or Lockdown. 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