Bob Barney: The Inflation Report – What it means for You, Your Loved Ones and The Country (Transcript)

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Hello Bob Barney here with The Plain Truth Today brought to you by The Plain Truth dot com. Welcome to another show we’re going to talk about the inflation a report that came out on Tuesday and Depending on who you talk to it tells you what we think happened And if it’s good news or bad news for the future in the economy

10:21Before I play some what some people think I’m gonna just tell you what my taking is. The inflation report is telling people if you have any idea of history and knowledge of economy the inflation report is not good news. Although when you listen to the people on CNBC, Fox Business, even Bloomberg, I think a lot of these people may be trying out to work for the Trump administration because

10:50they try to find good news about everything. Well, I’m sorry, but they’re sitting here telling you everything is great. But I don’t understand how a 2.7 or a 3.1 inflation. Is that great? And why? Why you’re going to say that’s not hurting the economy. It’s not hurting the little people and why tariffs don’t have something to do with it. But here’s one take that I want to play right now.

1:19Inflation report just sent mixed signals and Wall Street is already making bold bets. In July, overall prices cooled, headline inflation stayed at 2.7% under expectations. But the hidden number economists watch, it actually got hotter. Core inflation, which ignores food and energy, jumped to 3.1%.

1:38This is the highest it’s been since February. This is fueled by medical care, airline fares, furniture and used cars. And tariffs from Trump’s latest wave, so far barely a dent in the big picture. But economists warn they could still hit your wallet

1:52later this year. But here’s the twist, even with hotter core inflation, traders still expect multiple Fed rate cuts this year. So do you think the market’s just being bold or reckless?

2:03Well, it’s been always reckless in the past, but we’ll see. You have to understand that when you listen to these people on these business shows, they make their living buying stocks and selling stocks and telling you what stocks to sell. Maybe some people are actually getting kickbacks

2:20and they don’t tell you they are by pushing one stock over another but it’s a con job. You’re a salesman. You’re a salesman for the stock market companies. You know for the company selling their stock and so being too negative and in being a host of a business show doesn’t go over quite well. So I think when you listen to these people you should always take into account just possibly they’re

2:45telling you what they want you to believe and not necessarily what the plain truth is and I think that was going on here that’s what’s going on with this report and I think some of these people like I said maybe are trying out for the Trump administration it seems that way to me. So the next report we’re gonna listen to is from Bloomberg and their take on the core inflation, the CPI core inflation.

3:10And I think it has some good information that I think our listeners should listen to.

3:14A rise in the CPI on a month over month basis bang on with consensus up two-tenths of a percent. The core is up three-tenths of a percent. We’ll check that out in terms of three digits

3:25I think you know one of the thing I think is important here it said the Inflation rate for the month went up two point seven percent which are on an annual basis That is is what they expected and so that’s good news Wall Street liked it Wall Street weren’t high today But I think Wall Street’s ready to have a big crash come October of this year, but we’ll see.

3:47But my point to you is that I think many of these people are missing is that we had this inflation under Joe Biden like we’ve never seen before, even with the Obama years, we had 1970s type runaway inflation with Joe Biden where food went up, they said 20 to 25%. But you know, as well as I do, food, gasoline, everything almost doubled in price. And while everybody is forgetting about all the inflation is only 2.7%. That

4:19means the inflation is 2.7% higher than the highs of Joe Biden. I mean think about that. If you couldn’t afford your groceries under Joe Biden with the money you were making then, how are you going to afford your groceries, your gasoline bill, your home heating bill today when it’s 2.7% higher? I think people really thought, including myself, that we was actually going to see a decrease, a gradual decrease in the cost of things, which means

4:55a deflation. I actually planned it for my company. I thought we’d get a deflation, not a serious deflation, not one that could cause trouble and harm to businesses and people alike, but I mean a deflation that actually would act as a boon to the economy. That people would start saving money on their gas, on their home oil, on their food, and then they would start spending

5:22it where they used to spend it before when they had a lot of money on the side when food wasn’t as expensive and inflation was under control under the first administration of Donald Trump that people then would go out to restaurants more, they’d go to Disney World more, they’d go to this family resort more, they’d go on vacation more, they would do more discretionary spending buying the TV set they didn’t want to buy before because the money buying this, buying that, all of the kind of things they

5:51went without during the COVID and Biden years. And I thought a small deflation, maybe a 1% a year, maybe a 2% a year deflation would have been actually good for our economy. But we’re keep inflating over this incredibly high price that we suffered under the Biden years and Donald Trump is trying to take a victory lap and I just don’t understand it. Let’s go on with this report from Bloomberg.

6:17Year basis that takes us to 2.7 percent for headline and to 3.1% for the core on a year-over-year basis. That’s more than thought. So this must have been a very high 3 tenths of a percent. Trying to take a look at some of what we’re seeing in terms of the actual changes in the categories. And we’ll look here and see some of the ones that come up when we look at tariffs. The tariffs for, I’m looking for apparel up just a 10th of a percent, so not a big deal there.

6:51But used cars up half a percent, new cars were up just, were flat basically on the month. So apparently auto companies absorbing some of the tariffs there. In terms of services, rent of primary residence up three tenths, owner’s equivalent rent up three tenths for the tariffs there. In terms of services, rent of primary residence up three-tenths, owner’s equivalent rent

7:07up three-tenths for the third month.

7:09And that’s a statistic I just don’t understand because I talk to many people and I also know people who own homes and rent them out and they do that almost for a living. And rents, at least in the area where I’m living, have doubled in the last four years.

7:27Now, granted, you can’t use that number of double under Donald Trump, but homes that used to rent for seven and $800 a month in 2019 are now renting for 15, 16, $1,700 a month if you can find them. Because so many landlords, after the government would not allow them to

7:48evict people who did not pay them under COVID, that they lost a lot of money. And the people who owed that money had no chance whatsoever to ever pay it back. And so they had to wait until after COVID rules were lifted, so they could evict these people who trashed the homes before they were evicted and cost tens of thousands of dollars to fix these homes. So you have many people who used to be landlords

8:14just get out of the business because they said, there’s no way I’m gonna go through this again. I can’t make money, I’m not gonna do it. I’m not gonna put my money up when I can put it in a bank and get 4%.

8:22And so that’s the one thing. But when they’re trying to say that rents have only gone up three-tenths of a percent on a yearly basis, that’s not the case. Here’s the reason why. Have you looked at your homeowners insurance? Have you looked at your car insurance? Have you looked at your property taxes? Everything this year. I’m talking about not, I know they will run away under Biden, but look at 2025 and look at your insurance rates for your home and your car. Look at also another thing you gotta look at

8:54is your property taxes in 2025, because communities that are really hurting their tax base has kind of gone away. Sales taxes revenue in where states depend on a lot of sales tax revenue because buying is down because we’re in a minor recession because the buying is down. Sales tax revenues in most states are down. So if sales tax revenues are down, the local towns that

9:18part of that sales tax revenue is also down. So guess what? Snowballs happen. We got to find ways to make more money to run the town so they increase property taxes. The cost of whole ownership is going through the roof. So many people are renting today even at the high rates because they can’t afford a home.

9:37A row medical care services up eight-tenths, motor vehicle insurance only up a tenth. There was a thought that might be higher but look at airline fares after being down for three months in a row. They’re up by 4% on the month. So that’s one of the reasons that we are seeing that core rate go up.

9:56Mike, you’ve had a second look at the numbers. What do you see now?

9:58Well gasoline played a big role in holding down the overall number because it was down by 2.2%. It has been up a little bit, but the seasonal adjustment for this time of year takes some of that away.

10:10The seasonal adjustment, you got to realize how government does some of their records, but gas is not much lower today than it was a year ago. I hear a report on CNBC the other week and I just disagree with it. They’re trying to say gas is now about $3.15 a gallon nationwide and it was like $3.70 a year ago. At least where I lived it was nowhere near there and I don’t understand that $3.70 number. Maybe taken in California and New York, it skews everything.

10:42But I’ll give you an example in the state of Virginia. Gas a year ago was about $3.12, and right now gas is about $2.98. I don’t see that really allowing me to go out to spend a lot of money in a restaurant.

10:58As I mentioned, food prices were flat on the month and used vehicles up half a percent. So you get a little bit of the tariff impact, a little bit left out of it. And apparel prices up just a 10th of a percent on the month. Still looking to get to the electronics portion of this,

11:16which we should see some increases as people buy more stuff from Asia, but I’ll get back to you on that one in a second.

11:25So that’s the report of today, and I’m gonna put my take on it all, and you can take it with a grain of salt, but I’m gonna also show you what I think is happening in America, and I’m afraid it’s not getting better.

11:38It’s actually, I think, getting worse, and I think it’s going to continue to get worse because America is a empire now in decline for many reasons. Part of the reasons is the American character has been in decline now for quite a few years where America used to be a moralistic society and I think today more and more this idea of lawlessness and it starts

12:05in our churches when churches teach that the law of God’s been abolished by Jesus Christ on the cross and so the law is no longer in force. So if you don’t have to follow a law and when you go to in your faith why do you need to follow a law of a government? Why do you have to worry about laws against murder, stealing, rape, you name it. You don’t have to because the law has been basically abolished and our court system has basically taken away all punishment for many many crimes in this country. And so the moral

12:35framework of this country is really lacking and when a nation loses its moral framework, it’s in trouble. One of the verses comes to mind is you go to Proverbs 28 to quote, when there is a moral rot within a nation, its government topples easily, but wise and knowledgeable leaders bring stability. According to that Proverbs, this verse suggests that the nation’s moral decay can lead to instability and its downfall.

13:08Other passages like Isaiah 520, Kim Dendo’s who call evil good and good evil. And do we not live in a country today where especially on the left more than the right, but the right is soon catching the left and their hypocrisy.

13:22But don’t we live in a society today where it’s okay to say queers are okay and being straight is not necessarily as good as being a queer. It’s calling evil good and good evil. And that is what we’re doing as a country.

13:35That is what our politicians are doing. That is what our schools are teaching. That is what our leaders believe and promote. And that is what God does not wanna hear. And you may not like hearing that yourself. You may wanna think you’re above it all

13:52and that God doesn’t matter because God is a loving God who doesn’t do anything to anybody. But they sure, people who say this and come away with that notion, sure do not understand what God has to say about it in both the new and the old testaments of the Bible and what is it gonna happen

14:08to such people. People just don’t want to read it they read over it because they have this Jesus that loves the world. Well they got a surprise coming. When you go to the Psalms in your Bible and you read Psalm 33 12 it says, Blessed is the nation whose God is the Lord, “‘the people he chooses for his inheritance.'” The verse signifies to me that a nation is blessed

14:32when it recognizes who God is and follows and obeys God’s principles, his laws, his judgments, and his ways of carrying on our lives. And if we are gonna do that, God loves us and God will take care of us and God will protect us from evil. After the break I’m

14:50going to come back and talk more about today’s report, not today’s, but Tuesday’s report on the inflation number and what I think is happening to the United States of America. Hi, Bob Barney for theplaintruth.com, the place to go to to find out what’s happening in the news and what it means for you, your family, your friends and your loved ones.

15:12And sometimes that news you can realize is not good for you, your friends and your loved ones. And you can understand what it means if you understand the Bible. And theplaintruth.com tries to make everything clear of what God thinks about things according to the Word of

15:29his Bible and that is the source we use to interpret today’s news. Go to theplaintruth.com every day where you can look at our Message Board, go to Your Health Today, read the stories on theplaintruth.com‘s main page, or go to these podcasts called theplaintruthtoday.com. Thank you very much. Now back to the show. Thank you for listening to the Plain Truth Today broadcast and we’re talking about the the inflation number that came out this week and what it means and what we should do about it and what we should think about it and

16:03what does it have to do with what God thinks about inflation and what it means and what we should do about it and what we should think about it. And what does it have to do with what God thinks about inflation and what causes inflation? Many years, you know, inflation happens at certain times and you have to ask yourself, does inflation happen as a result of disobeying God? Because it seems like there are many years that you can go and inflation

16:25remained the same for years at end. In 1795 when the United States was minting a $10 gold piece, half an ounce of gold was worth $10 or that meant gold was worth $20 an ounce. And so that was about the turn of the century. 49 some years later, let’s say 45 years later, with the finding of gold in California, the so-called famous California gold rush, a lot of gold was found and the United States Mint decided to mint a $20 what they called a double eagle gold piece. Up until that time the only gold piece,

17:16not the only, but the largest denomination gold piece available was a $10 which they called an eagle and a $5 gold piece was a half an eagle and a two and a half dollar gold piece was called a quarter eagle. But then in 1849 we had an abundance of gold from California and so the government decided it was going to come out with a double eagle which was the price of gold, a $20 gold piece. And the government made money because it only had 90

17:45percent gold and it had 10 copper and gold was $20 an ounce. So the government by making $20 gold pieces and distributed them was making a 5 percent profit basically in the price of gold and the government used that to run the cost of the mint and things like that. But so from 1794 and 95 to 1850, gold did not go up a penny an ounce. Then we go through the Civil War times when things were very bad, brother against brother, father against son, cousin against cousin. We know the story of the Civil War. What was the price of gold during the worst times of the Civil War? $20 a gallon.

18:31Then we get to the 1870s and the cowboy years and the Indian fighting and the winning of the West and Newmints joined making coinage for America. We had a Carson City, Virginia I’m sorry a Carson City Nevada mint near Virginia City You know we’ve the bonanza story supposed to be when they found silver and they started minting then we had a San Francisco mint and then a

19:00Denver mint which started out by the way is a private mint that was minting money and they were shut down by the government for what they said was counterfeiting. The problem was they couldn’t prove a case against the people because they were making $10 gold pieces that really were 100% 24 karat gold. And so their $20 gold piece was really,

19:20had a melt value of the price of gold where the United States government’s was only 90% gold. And so when they went to court to try to prove this person was counterfeiting, they actually lost that case because of the fact the guy was actually more honest with his citizens of what he was selling them at no cost at all.

19:40He was doing a service for the community. And so then the United States government because they couldn’t shut him down decided to buy him out and that’s how we got the Denver Mint but you go into the 1870s and 1880s with these mints and the new gold and silver mines discovered all over the west of the United States guess what gold was still what $20 an ounce. Silver was what? $1 an ounce. Hence the silver dollar, the famous Morgan silver dollar was what? $1. And you had a dollar’s worth of silver

20:13and a dollar coin. And we get up to 1930 and we have the Great Depression just beginning. And everybody really wanted to trade in their greenbacks because they saw them as being worthless. Because when you think of it, when you look at a $20 bill, it costs three or five cents to make it.

20:34There is no money to back it up anymore. There was a time, if you’re a collector, you know things about silver certificates or gold certificates. And on that five dollar gold certificate or ten dollar gold certificate it would say bearer has the right to get ten dollars

20:51worth of gold at a bank if they turned in this dollar. Well in 1930s, early 1930s with the advent of the depression, guess what happened? They all started turning in their greenbacks for the gold. And FDR, which I think illegally, executive order action that he took, outlawed the ownership of gold. I know, I tell this to people, I’m a coin collector, I tell this to people and nobody can believe it.

21:16United States of America outlawed people from owning gold. If you own more than $100 worth of gold, and that did not include gold rings, but any gold currency or hard gold itself, more than $100 worth of gold, which would be at the time $30 an ounce, it was by then, then you, that’s what, three and a quarter ounces of gold. If you had more than that in coinage or in raw gold, it was a felony of

21:46ten thousand dollar fine and up to ten years in jail for owning gold. So a lot of rich people, because it didn’t say you couldn’t hold in gold in Europe, they sent millions and millions of coins to Europe. And that’s why today when you try to buy old, what they pre 1933 coins what you find is there’s a lot of them now in mint state condition never circulated because that what they call the European hoard is coming back but my point I’m trying to make here is from 1792 93 94 time in that era all the way up to 1915, the price of gold never changed.

22:27A dollar was still, you know, a gold ounce was still $20, and it was $20 up until the Fed was instituted, of all things, which started this idea we needed inflation in order for the country to survive. We lived for 150 years without inflation, and now all of a sudden the Fed said we need inflation and today they want a 2% inflation rate is ideal. That means every 50 years you everything doubles. Everything in your life you’re going to buy doubles every 50 years. Do you really want to

22:56live in that kind of world or is it better to live in a world where you know there is no inflation and now we’re running at 3% basically. Which means you know you’re gonna go doubling your pricing now three times a century instead of twice a century. It’s ridiculous. Inflation is bad. And do you know one of the four horses of the apocalypse represents inflation? Did you know that? If you go to

23:25Revelation, the last book in your Bible, and I believe it’s chapter 6, I’m doing this out of memory, I looked at it the other day, the third horseman depicts, which is a black horse, it depicts inflation. The horseman is described as having scales in his hands, symbolizing the rationing of food at a high cost due to scarcity. The passage highlights severe economic disruption, whereas a day’s wage can only buy a small amount of food, indicating very high inflation,

24:00where people will actually starve to death and get sick because they cannot afford good food or good water to drink and they get sick. And what is the result of that is finally the fourth horse, the pale horse, the pale green horse really is death. Death follows the pestilence of inflation, causes pestilence, it causes disease,

24:23it causes unsanitary living conditions, and eventually it causes death. And people don’t understand that. The scales in the rider’s hands, like I said, symbolizes the rationing of food. The horseman himself signifies a global economy that’s disrupted with high prices, limited access to essential foods, and worse than that, like I said, death. It’s an end time prophecy that’s found in your Bible

124:53that’s gonna happen someday in the future. And so when you hear these people say, oh, the inflation isn’t all that bad, and people’s wages are going up at the same rate of inflation you’re just moving marbles all around a board somewhere you’re not

25:11doing anything to help people out in the long run are you I’ll be like Ronald Reagan in 1980 are you better off right now right now are you really better off than you were just two years ago under Joe Biden and if you are you’re probably somebody who’s made a fortune on Wall Street, after Wall Street kind of crashed for a while. And you also probably had a lot of insider information from the Trump administration of what stocks were going to go up and go down by what tariffs he was going to announce

25:42and not announce. Because I told you in other broadcasts, I believe the corruption of these tariffs and the corruption of this government right now is at an all time high. And the loser is you and I, the public,

25:55trying our best to be good citizens and go along with things and not cheat, steal and rob like so many others are doing. And at what cost? It’s the cost of our freedom. It’s the cost of our liberty.

26:10It’s the cost of everything that we held dear. And it’s going away. It’s going away so quickly, it’s hard to keep up with it. And I’m afraid we’re like that turtle in that water boiling a little at a time. We are not really ready for some of the things that’s

26:26going to happen probably in the rest of this year. I think we’re going to have some bad times coming and I’m trying to warn you now, save what you can save, don’t spend money you don’t have to spend, try to have a little nest egg if you can because times are going to get tougher and tougher. Tariffs are going to hurt. I also will tell you right now I do think Donald Trump’s tariffs will be reduced when this happens. Donald Trump is using tariffs in my opinion as a way to actually corrupt the whole system.

27:02When you actually, what he did to Nvidia and to AMD, make them pay in order to export, there is something wrong there. That’s something a mafioso person would think up. And all of this is going to come back to haunt us. I think inflation is going to rear its ugly head. I believe the Fed is going to cut interest rates because they understand the pressure

27:25they’re in to do so. And cutting interest rates when inflation is still big and going higher is going to fuel more and more inflation just to satisfy the big fat cats on Wall Street so they can make more money. You know, the movie, what is it, Trading Places had a good quote when they explained that when you’re a broker in a stock house, you make money when the people buy from you and make

27:49money and you make money when they buy from you and they lose money. And Eddie Murphy the ghetto character in the movie says, oh you’re like a bookie. Well that’s exactly what they’re like. They’re like a bookie. They make money if you make money or not. But they’re gonna get on TV and tell you how to spend your money because they’re making money if they’re accurate or not.

28:10If you make money or you lose money, they really don’t care because once you make the buy, they get paid and they get paid right then. You gotta think about that before you listen tell you how to spend your money. I say right now try to save as much money as you possibly can save. Try not to get into debt. Try to pay down debt and do everything you can to prepare for tough times. I think we have some tough times

28:35coming and I think a lot of it has to do with God is not happy with the direction of this country, with the direction of the morals of this country, and we’re gonna have to pay the fiddler, in this case, pay the Lord God, retribution for what we are doing and how we are living. And the other thing you can do, by the way, it’s like the show I had on survival,

128:57go to God, go to God and tell God, you want God to take over your life and take over your finances and take over everything about you. Trust in God and God will not fail you. That’s all I can say. This is Bob Barney for The Plain Truth today. Thanking you for listening and until the Bob Barney for The Plain Truth today. Thanking you for listening and until the

29:12next show, have a safe day and see you back again tomorrow. Bye bye.