Murray Rothbard made the point to us in his US Economic History class at UNLV that economic downturns used to be called “panics.” But, the government believed that word to be too scary for the general public, so, “depression” began to be used to describe downturns. Then, the word “depression” was felt to be, well, too depressing, so “recession” was substituted in and is now employed, and as was the case of 2008, “great recession” was rolled out. The March 2020 economic belly flop was the “pandemic recession,” only lasting two months.
Raoul Pal of Real Vision makes the point in describing the events of last March, “So, you get this weird world where we just had the shortest recession in all recorded history which happens to be the biggest recession in all recorded history because they stopped it by throwing money at it.”
Government, through the workings of the Federal Reserve and the Treasury will not allow us to suffer. Or, as practitioners of Austrian economics would put it, allow malinvestments to be cleared away and the economy’s health to be restored. Pal says, “We are not allowed persistent bad news. And why is that? It’s because the world is hyper leveraged. And if you allow the value of the collateral which are the assets to fall, then leverage becomes unserviceable. So, that’s the general rule of thumb. So, what happens if economic growth gets weak and assets start falling, these are the fixed assets that you use as collateral, that’s real estate, equities, bonds, stuff like that, the moment any of those start moving, the Federal Reserve stimulates or stops it, because it can’t be allowed.”
So, the money mandarins will do all in their power if they sniff, not just a recession, but if they believe the country’s, the world’s, or everyday people’s collateral might just be in danger of falling in value enough to make the mountain of debt undercollateralized, to prop up asset values. “And throwing money at it, I believe, devalues the denominator which is the price of fiat money or the value of the purchasing power of fiat money against these assets, ” Pal explains. “So, that means optically, no assets ever go down, like the Venezuelan stock market never goes down.”
There may be no food on the shelves in Venezuela, but the one-year return of the Caracas Stock Exchange Index is 1,203.08 percent.
The US may not be Venezuela anytime soon, but, as Pal says, “We crossed the Rubicon in 2008. We crossed a different Rubicon in 2020. And we’re never going back. And so, recessions are not allowed. Whatever that means. And asset prices are not allowed to fall either of any magnitude, let’s call it 15% or for any duration. So, it can’t go down and stay down because it’s not allowed any longer, because the system can’t take it.”
The US economy has become hyperfinancialized, says Pal. If the S&P 500 goes down, employees are laid off. And, we all know that one of the Fed’s mandates is maximizing employment. “It’s like nothing will last long because the Fed will not allow it to.”
Pal continues, “so let’s play that out. You are now a policymaker. You’re Janet Yellen and you’re Jay Powell. You’re meeting in a room, having a coffee, and saying, really pretty good to me. We might have found the secret weapon to stop recessions ever happening again. So, is your propensity now increasing or decreasing to do more of the same in any trouble? Obviously, you think it works now. So, you will do more.”
More is exactly what they shouldn’t do, but Rothbard foresaw what the Yellens and the Powells would do, writing in Libertarian Forum, “ … any hint of recession causes the government to panic and turn on the inflationary taps once again. … given any inflationary boom, a recession is painful but necessary, in order to return the economy to a sound state.”
A sound state is nowhere in sight.
Douglas French is former president of the Mises Institute, author of Early Speculative Bubbles & Increases in the Money Supply, and author of Walk Away: The Rise and Fall of the Home-Ownership Myth. He received his master’s degree in economics from UNLV, studying under both Professor Murray Rothbard and Professor Hans-Hermann Hoppe.
The Dangers of Speaking the Truth Diminish If We Work Together
It’s becoming harder and harder for patriots to ignore the deep suppression of truth that’s happening in America today.
In all of my years in journalism, I have never received as many threats or been attacked by big companies like Google and Facebook as I have in 2021. I’d say that ever since we started covering widespread voter fraud, government-endorsed Pandemic Panic Theater, vaccine cover-ups, Critical Race Theory, and the various Neo-Marxist and Satanic agendas at play, I’ve been targeted more in months than the entirety of my life prior.
Speaking the truth is getting harder with so much censorship and suppression rampant. Prior to 2020, I was not a “conspiracy theorist” or an “anti-vaxxer,” but if there’s one thing the onslaught of exposed lies have taught us in the last 18 months, it’s that we cannot take what we’re told by the “arbiters of truth” at face value. There’s an agenda behind every message, a narrative driving every story, and a series of gigantic cover-ups designed to keep the masses in the dark.
This is why we’re building a network of news outlets that are willing to go against the narrative and expose the truth. We need help. We’re establishing strong partnerships with like-minded news outlets and courageous journalists. Even as Big Tech suppresses us, the honest messages they’re trying to quash are finding their way to the eyes and ears of patriots across the nation. With the help of new content partners like The Epoch Times and The Liberty Daily, we’re starting to see a real impact.
Our network is currently comprised of nine sites:
- NOQ Report
- Conservative Playlist
- Truth. Based. Media.
- Freedom First Network
- Based Underground
- Uncanceled News
- American Conservative Movement
- Conservative Playbook
- Our Gold Guy
Some of our content is spread across all of these sites. Other pieces of content are unique. We write most of what we post but we also draw from those willing to allow us to share their quality articles, videos, and podcasts. We collect the best content from fellow conservative sites that give us permission to republish them. We’re not ego-driven; I’d much rather post a properly attributed story written by experts like Dr. Joseph Mercola or Natural News than rewrite it like so many outlets like to do. We’re not here to take credit. We’re here to spread the truth.
I’ve said much of this before. From time to time I reframe this request for assistance by taking the most relevant message of the day and adjusting the story accordingly. We’ve discussed this network in previous articles. Now, it’s time to talk about help. First and foremost, we need financial assistance detailed below. But we could also use more writers who are willing to volunteer their thoughts for the sake of spreading the message. Those who are interested should contact me directly.
As far as money, we’re looking better than we have in the recent past, but we are currently experiencing a gap between revenue and expenses that cannot be overcome by click-ads and MyPillow promos alone (promo code “NOQ” by the way).
To overcome our revenue gap and keep these sites running, our needs fluctuate between $2200-$7800 per month. May, 2021, for example, was amazing and we almost broke even. June, revenue was sluggish at best and we had to make up a big difference out of our pockets. But we’re not just trying to get out of the red. If and when we start getting enough contributions to expand, we will do just that. Very few get into journalism to try to get rich and we’re definitely not among those who do. Our success is driven by spreading the truth, profitable or not.
The best way you can help us grow and continue to bring proper news and opinions to the people is by donating. We appreciate everything, whether a dollar or $10,000. Anything brings us closer to a point of stability when we can hire writers, editors, and support staff to make the America First message louder. Our Giving Fuel page makes it easy to donate one-time or monthly. Alternatively, you can donate through PayPal or Bitcoin as well. Bitcoin: 3A1ELVhGgrwrypwTJhPwnaTVGmuqyQrMB8
Time is short. As the world spirals towards radical progressivism, the need for truthful journalism has never been greater. But in these times, we need as many conservative media voices as possible. Please help keep NOQ Report and the other sites in the network going. Our promise is this: We will never sell out America. If that means we’re going to struggle for a while or even indefinitely, so be it. Integrity first. Truth first. America first.
Thank you and God Bless,
Yes, We Need Your Help
I hate being “that guy” who asks people to donate because I think our conservative news network is so crucial, but here I am…
When I left my cushy corporate job in 2017, I did so knowing that my family would have to make sacrifices. But I couldn’t continue to watch the nation slip into oblivion and was inspired by President Trump’s willingness to fight the good fight even at his own personal expense. What I didn’t realize then is that conservative media would be so heavily attacked, canceled, and defunded that the sacrifices would be extreme.
Many in this nation are struggling right now even though we weren’t struggling just a few years ago. I’m not alone. But I wake up every morning and operate the sites we’ve been able to build because there’s really no other choice. I refuse to be beholden to Big Tech like so many other conservative news outlets, which is why you won’t see Google ads here. With that said, it’s often challenging to pay the bills and it’s even harder to expand so we can get the America First message out to a wider audience.
The economic downturn has forced me to make a plea for help. Between cancel culture, lockdowns, and diminishing ad revenue, we need financial assistance in order to continue to spread the truth. We ask all who have the means, please donate through our new GiveSendGo. Your generosity is what keeps these sites running and allows us to expand our reach so the truth can get to the masses. We’ve had great success in growing but we know we can do more with your assistance.
We currently operate:
- NOQ Report
- Conservative Playlist
- Uncanceled News
- Based Underground
- Truth Based Media
- Five other conservative news sites
I would even be willing to entertain investments and partnerships at this stage. I’ve turned them down in the past because editorial purity is extremely important. I’ll turn them down again if anyone wants us to start supporting RINOs or avoid “taboo” topics like voter fraud, vaccines, or transgender supremacy. But I’d talk to fellow America First patriots who want to help any (or all) of our 10 news sites. Hit me up at jdrucker (at) substack (dot) com if you’re interested.
For those who have the means and just want to help keep the mission of spreading a conservative, Christian message to the nation, please consider a generous donation.