Model of Inefficiency

" All know. -- We'll -- we have and we have -- Neil Ferguson here is a Harvard professor author of the -- of money. That's the dumbest show you've ever been on this and knows nuts though by any means how many -- from -- recently. All the -- you want to -- and out I haven't seen him okay. I'm RRI want to read you a couple of quotes here and you tell me what this."

" You tell -- what this sounds like. Russian government pledged more than one billion dollars in state support to its ailing car industry in a bid to avoid heavy job losses and potential social unrest. As the once booming car market contracted 60% this year. The government ginger and in Russia is is -- backing a no layoff policy in spite of tumbling demand for the products. And they ice sheet metal workers says he understood the factories troubles last year when he bought a new lot of only discover the horn in the heater didn't work in the belt squeaked. I don't know the last one."

" But what -- the first two. Sound like the -- the same kind of policies anywhere else but actually reminds me of what happened in the 1970s when I was growing up in person. Because they used to be a car industry in Britain of course lost money was tremendously inefficient. And the labor politicians then the socialist politicians then said we can't possibly let these companies go to the walls so billions opponents were pumped into the British automobile industry. Of course it was completely done the -- that didn't from the industry around and finally these various companies of which nobody has not like British Leyland. Vanished without a Trace. There are still some manufacturing sectors in the United Kingdom but the mostly foreign I think. That's really the lesson for the United States you could build cars very efficiently in this country but you need to be toyotas. General -- can do with no controls -- say this this this really bothers me because I'm. I bought into the life for a very long time up until probably last 567 years. That you know buying American okay -- employing you know American workers to build on -- whatever their plate but the money. Goes off shore. It doesn't -- if we have to all the things we have to be able to build things are settled we're becoming worker -- for the rest of the world thought I'd rather invest in post and in general most of that seems to me from one of -- It doesn't particularly matter which brand of comedy volume one of on the best column for the best price that's the free market plan you can't preferential -- American car even with more expensive and less well made and Japanese -- that's that's the beginning a few path to socialism the -- you start giving preferential treatment inefficient -- just because -- Americans don't go there."

" So it -- letting -- couple things here for new brand new Fox News opinion dynamics poll. More qualified to managing US business business executives 51% federal government -- one -- 1%. Of the next poll is. Who's smarter. Corporate executives 44 congressional leaders 23 no difference nineteen. People knowing their guts the government shouldn't be running this stuff not even to -- about the constitution or anything else just. If your do hopes they can't run everything right -- does it still happened we're. Any theory -- must be as as a guy who studies economics and and everything else you must've been kept up at night and on what. -- these people."

" What you -- park -- a fit of absence of mind and you could also acquire a nationalized industry without -- meaning -- forced to give -- a -- you want -- to -- Boston then you start worrying about the job losses -- they go into bankruptcy and the next thing you know you say what we really have to have some say -- this -- is wrong and after -- on the -- the government might -- we -- what we're doing so suddenly you're in -- suddenly making decisions about how the companies actually -- that is what is happening notably in the automobile sector but also in the financial sector as the big banks particularly Bank of America Citigroup. Gradually become -- from the federal government it's the Amtrak colonization. Of the US economy which sox' American. Yeah two on the back on track then not only."

" So and -- imagine Amtrak cars only and nobody gonna get on an unknown on a want to go there is. Ken -- from England the blinking yeah I'm -- It do you think. Do you think I I -- that I'm wrong I'm my gut says. That we are so we are treading so close to financial disaster with the amount of spending that debt and everything else. That you may not know what to do at this point but if it if I look at this is a ship I would be saying to the captain full stop. Just at least stop this ship from going any further I'd like to reverse but it it for at least for awhile don't spend any more of this money."

" Well -- that's what it's an experiment to see if the United States is in fact the Latin American economy if you look at the Obama administration's budget it forecasts -- the -- will go up to 23 trillion dollars. Which is a 100% of GDP number let me just within ten within ten years what I didn't mean to the average person what -- their life be. Luckily it comparison to a country or what what does that -- a double the size of federal it's gonna be equivalent to one year's output from the US economy. And that means that the interest payments are going to become a larger a larger share of national income. I'm of the federal budget never mind the additional costs of social security and Medicare produce in the Intel budget is going to be consumed by debt payments Medicare payments social security and the defense budget -- not exist. And that is already factored in that's baked into the cake but the fiscal policy why don't we did. We do we don't. Americans don't believe that Americans when they hear George Soros says your dollar is done. The current -- US currency in time is done with that they just think how it will do something there's nothing to do it said. Inflate -- this is the great repression not the depression of the repression for the Americans and to know about what's happening. 44%. Of expenditure this year is going to be financed by boring. 44%. Of all federal outlays will come from -- they're printing money like they never have before. It's it's happening in a way almost as -- World War II was being -- but without the war that if the scale of the deficit one point 75 trillion dollar deficit. We haven't seen from the left and 1942. We were fighting the Japanese -- American. No I'm not and I speak with the experience of all the brits -- remember I've seen them -- decline on the witnesses life you know obviously these awfully touchy on the -- we wanted to ask if Goodell has wanted to ask is are you afraid for your country do you fear for America's future if we don't wake up oh yes absolutely unfit for it for some time I wrote a book called colossus the rise and fall. Of the American empire in 2004 saying. Debt will be the undoing of this country -- Americans aren't careful it's not reversible when this country has fantastic natural spontaneous energy Americans work harder -- actually believe in the mark I know what the government is doing I do they may just -- kind of ability to look I'm sorry haven't read that. That the colossus the rise and fall of the American and next time we agree we -- I -- have read that I'm very landslide victory appreciate."

" Okay for more stories like these Obama is offering hope. Sorry. Only got a little despair right now it's cold reality. Check out fusion might humor and commentary magazine go to Glenn Beck dot com and subscribe. Warm and --"