Guest: Economist Jack Hanney available by Zoom/Skype from Los Angeles/Pacific Time
Intro: As the lockdown drags on with no end in sight, small and large businesses which thought they could weather the storm are throwing in the towel. It is estimated that 60,000 restaurants have closed around the U.S. and that 100-millions jobs in the world tourism industry are at risk, or gone. In many ways we have inflicted unwarranted pain on ourselves by choosing to be afraid of our own shadows; at no time in history have so many societies gone down the road of economic and political suicide, and done it with such willingness and enthusiasm.
During the polio epidemics of the 1950s there was no lockdown; during the SARS epidemic there was no lockdown; during the Hong Kong flu epidemic there was no lockdown. What has changed? Political correctness, loss of religious beliefs and fear of every slight and every hurt no matter how small now pervade our every waking moment. Now every word uttered or written is painfully considered, and no sector of society is more open to this pressure than business. Just look at all the major corporations who bend to many forms of extortion for perceived insults.
In the end, of course, it is all about money and power. The media has played a massively destructive role in this climate by continually running and commenting on societal injustices that, in the main, don’t exist.
As a result, in the lockdown the vast economic bases of workers, families and businesses of all sizes are being badly damaged or wiped out.
Q & A:
- Presidential candidate Joe Biden has said the country should stay locked down until the virus is conquered, is a prescription for wholesale disaster?
A: It will end the economic and political life as we have known it for the last 50 years. Those who keep trumpeting that lives are more important are government officials who continue to get paid and those with lots of money. Sweden never had a lockdown and Stockholm has achieved near 100% herd immunity in the process. The virus won’t be conquered, they never are, viruses only get minimized or humans develop immunities to them.
- People will start to get more desperate and the political unrest will get worse?
A: Yes, look at history and economic dislocation always lead to revolutions that wiped out societies. The French Revolution was assisted by major crop failures and economic depression; Hitler came to power mainly because Germany was flattened by the Great Depressions and the obligations from losing World War I. Productive societies with a busy population don’t revolt.
- Many critics blame President Trump for the economic crisis because of his response to the Covid crisis, is this fair?
A: Not fair for the most part. No one knew what was coming and the way the American republic is set up state and local governments have a say what happens; just because President Trump thinks schools should open that doesn’t mean school districts have to follow that advice. The governors of New York and California have gone their own path along with the mayors of Portland and Seattle, and the results have been disastrous. That pain and destruction belongs to those with local control.
- If the lockdown ended now, could the economy recover quickly?
A: Trillions of dollars are sitting on the sidelines waiting to be engaged, but that doesn’t help the millions of small businesses that are already gone; the many citizens of various cities who have left never to return. People can’t hold out forever and many of their lives will never return to what they were before the lockdown. But there is no doubt a huge amount of economic activity will return in in rapid fashion if the lockdown ends now, but if it lasts for another six-months or more there is no telling what might take place?
- Certain political forces are using the crisis and economic dislocation to their political advantage?
A: The hard left thrives on chaos and destruction; bored people who would never participate in such activities are glad go out and protest and then crowds get whipped up and burn down businesses and torch cars. There is no doubt all this unrest is viewed as a prime opportunity by the hard core leftists. They will take every chance to sow the seeds of discontent, unfortunately the main stream liberals who fostered their agendas will get chewed up the process, in fact they already are being pushed aside and discarded like trash by the hard left.
- Where may we get more information on your company, Patriot Gold Group, investments and the economy?
Jack Hanney has been in the financial markets for 20+ years and is widely heralded as an expert in his field.
Born and growing up in Westchester County, NY where his father was a successful politician and owner of an Insurance Brokerage Firm. Jack began subscribing to The Wall Street Journal at the age of 14 and moved to California in his early 20’s to study under William O’Neill, arguably the single most successful investor in the history of the markets and founder of Investor’s Business Daily and author of How to Make Money in stocks.
Jack Hanney went on to be the General Manager and Director of Sales at several algorithmic automated trading companies trading the futures and commodities markets working with Introducing Brokers out of Chicago, Geneva and NYC. Jack was recruited by several tech startups and made a name for himself at Infosearch Media, Virtumundo and The Design People before returning to Finance. Jack passed on Morgan Stanley and other reputable, prestigious Brokerage firms to be a CFP in their Wealth Management Divisions and opted for a position as Senior Executive Trader with MG Private Client Services where he spent 4 years 2010-2014.
Jack Hanney had spent two years as Director of Trading, Executive Vice President of WDM overseeing the Retail Division before collaborating with two other prominent experts in his field and opening Patriot Gold Group a collective of Industry-Leading Experts bringing their clients Investor Direct Pricing and superior customer service.
Jack has written over 200M in business and trades maintaining outstanding relationships with his clients at Patriot Gold Group (PGG), where he is a senior partner, who he refers to as dear friends and family and now … welcoming them to the PGG family of investors. Jack resides in Los Angeles, California and is the proud father of his two daughters, Kate age 10 and Luna age 18.
CONTACT: Rachel Ford rford.specialguests.com or Jerry McGlothlin 919-437-0001 jerry@specialguests.com
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