The economy is cooked

Hours ago, European Central Bank chief Mario Dragho conceded: "The growth cycle may have peaked"

Of course, those paying attention to the data already knew this. Our politicians and central planers have been peddling to us the fantasy that the global economy is strengthening, finally ready to fire on all cylinders after nearly ten years of dependence on monetary stimulus.

That just ain't so.

The Federal Reserve of Atlanta's GDPNow measure, which gives a forecast of Q1 2018's expected GDP, is currently coming in at 2.0%, down from the much more vigorous 5.4% growth predicted as recently as early February:

Generating this growth, meager as it is, has required a tremendous amount of new debt. So much more so that the US will soon have a worse debt-to-GDP ratio than perennial fiscal basket-case Italy:

U.S. Debt Load Seen Worse Than Italy's by 2023, IMF Predicts (Bloomberg)

In five years, the U.S. government is forecast to have a bleaker debt profile than Italy, the perennial poor man of the Group of Seven industrial nations.

The U.S. debt-to-GDP ratio is projected widen to 116.9 percent by 2023 while Italy’s is seen narrowing to 116.6 percent, according to the latest data from the International Monetary Fund. The U.S. will also place ahead of both Mozambique and Burundi in terms of the weight of its fiscal burden.

The numbers put renewed focus on the U.S. deteriorating budget after the enactment in December of $1.5 trillion in tax cuts, and the passage more recently of $300 billion in new spending. President Donald Trump’s administration argues that the tax overhaul combined with deregulation will help the economy accelerate, which in turn will generate enough extra revenue to avoid any fiscal fallout.

Officials with the Federal Reserve and Congressional Budget Office are skeptical about those expectations, as they forecast long-term economic growth will fall short of expansion rates needed to fund tax cuts. The central bank’s most recent forecasts show a median estimate of 2.7 percent for this year’s expansion slowing to 2 percent in 2020, while the CBO sees GDP growth slowing from 3.3 percent this year to 1.8 percent in 2020.

Looking back across the past 50 years, we can clearly see that the 2008 Great Financial Crisis was a turning point. That was the moment where our addiction to exponentially increasing our debts began to have real consequences.

The chart below clearly shows that, since then, we've been in an era of diminishing returns in exchanging debt for growth:

What can ride to the rescue at this point? Not much.

Our 'recovery' since 2008 is now one of the longest on record; another recession will occur sooner or later (Fannie Mae head economist Doug Duncan thinks one will likely arrive by next year).

Rising interest rates will only accelerate the advance of a recession. And interest rates are indeed on the rise, with 10-year Treasury yields having nearly doubled since July 2016:

10-YEAR TREASURY YIELD (%)

And with the arrival of recession, what will our leadership do? The only thing it knows how: print, borrow and deficit spend in attempt to boost 'growth'. Except the debt will be even more expensive this time, and it's ability to generate incremental growth per unit of new debt even weaker.

The Bigger Predicament

But sadly, as prodigious as it will be, our growing pile of debt isn't going to be the primary limiter of growth in the coming decades.

Instead, it will be Energy.

Oil prices are on the rise again, as the world is waking up to the fact that annual demand will exceed supply for decades to come and that the US shale 'miracle' will be a short-lived mirage. All while new oil field discoveries are the worst since World War 2.

With increasingly expensive energy -- and increasing global competition for it -- the economy will find itself increasingly constrained. We will be faced with a future of doing less.

This is not fear-mongering; it's science. Specifically, our destiny is in the hands of the Laws of Thermodynamics. Without a surfeit of new, plentiful, BTU-dense and affordable energy sources (which we simply don't see on the horizon), economic growth cannot be sustained.

One of the best explanations I've read on this is the report my fellow Peak Prosperity co-founder, Chris Martenson, wrote upon finishing the book version of The Crash Course. It remains to this day one of his most seminal warnings of the global predicament we a species face on this finite planet.

In Part 2: Energy Is The Non-Negotiable Element Defining Our Future, we re-publish this report in full, which is even more relevant and important to heed today then when Chris wrote it eight years ago -- as our economy specifically, and humanity in general, are totally unprepared for a future of even slightly less energy.

Everything is tuned to grow exponentially. There is no "plan B".

We have no models yet for how to manage in a world of de-growth, so we will blindly slam into this crisis head-on. But as painful as they will be, the economic woes at that time will be the least of our worries.

Click here to read Part 2 of this report (free executive summary, enrollment required for full access)

Blaze TV hosts Glenn Beck , Chad Prather, and Steven Crowder weighed-in with similar but different thoughts on the fascism associated with canceling Dr. Seuss.

Glenn Beck can't help but wonder, "What is wrong with us?" in light of the Dr. Seuss books that have been cancelled due to "hurtful and wrong" illustrations — that takes America one step closer to complete insanity.

Chad Prather approached the issue from a comedic perspective, stating that "Dr. Seuss is dead and could not be reached for comment."

Steven Crowder explained that Dr. Seuss books were banned for being offensive and insensitive to some. So Steven decided to parody the six banned children's books with progressively titled and hilariously inappropriate versions.

Read the full story from TheBlaze News here.

'We DON'T destroy books'

"They are banning Dr. Seuss books. How much more do you need to see before all of America wakes up? ... This is fascism!" Glenn said. "We don't destroy books. What is wrong with us, America?" - Glenn Beck. Download the podcast here.

Chad Prather's comedic take on why Dr. Seuss got canceled

"Dr. Seuss is dead and could not be reached for comment'"- Chad Prather. Download the podcast here.

Dr. Seuss BANNING Bonanza! New Progressive Book Titles Revealed! 

In this 7+1 segment-- Crowder uncovers, new, unreleased Dr. Seuss titles that will be released in the near future (parody). Download the podcast here.

Use promo code BLAZE to save $10 on one year of BlazeTV.

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To enjoy more Glenn, Chad, and Steven subscribe to BlazeTV - News & entertainment for people who love America.

"What's your climate credit score?" That's a question Americans may have to answer if the green global elites get their way.

While the media has distracted us with Orange Man Bad! and Russia, Russia, Russia!, the Left has been busy working on the fundamental transformation of America with a primary pressure point — YOUR money through YOUR bank. Democrats, forgetting the words of MLK, like to group people into categories. They judge you based on what skin color you have, your religion, occupation, your ideology, and now … your carbon footprint.

On his Wednesday night TV special this week, Glenn Beck exposes how they're now planning, not only to categorize you, but to give you a score. It'll determine everything for you: whether you can buy a home, get a new car, open a business … EVERYTHING. And if you don't bend the knee? You'll be blacklisted. But this isn't some far-off conspiracy theory. Multiple big U.S. banks are part of a private U.S. financial group enacting these policies now. It's here, and we're ALL at risk.

Watch the full episode below:

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To enjoy more of Glenn's masterful storytelling, thought-provoking analysis and uncanny ability to make sense of the chaos, subscribe to BlazeTV — the largest multi-platform network of voices who love America, defend the Constitution and live the American dream.

Unlike the mainstream media, we at the "Glenn Beck Radio Program" decided to actually do the research and get to the bottom of CPAC's controversial stage design, which many on the Left have suggested was purposefully shaped like an obscure Nazi symbol. We got our answers straight from the source — and it's not what the media is suggesting.

American Conservative Union chairman Matt Schlapp joined Glenn on Wednesday to share the real story of the stage design, who designed it, and why he's taking legal options against those smearing the Conservative Political Action Conference's name seriously.

Matt told Glenn he'd never heard of the alleged Nazi insignia, noting that even a staff member who "studied anti-Semitism in college" did not recognize the obscure symbol. He went on to explain how the stage designing firm, Design Foundry, and Hyatt Hotels worked collaboratively with CPAC event organizers for months throughout the designing and construction of the stage. However, when pressured by the cancel culture mob on social media, both companies "ran for the tall grass."

"Both the Hyatt and [Design Foundry] looked to CPAC and said [they] had nothing to do with this stage. That's outrageous," Matt stated. "This whole process takes months ... everybody saw this. Everybody had to figure out how to construct this. Everybody had eyes on it from every angle. And nobody in that process ever raised their hand and said, 'Oh, you know, I took a European history class, and I noticed [that the stage design looked like a Nazi symbol.] Nobody."

Matt went on to add that, while CPAC expects attacks from the Left, they also have every intention of standing up for themselves, the conservative community, the Jewish community, and all the people who love America.

"We're fine with taking the hits. We always take the hits, it's part of being a prominent conservative group. We'll take the hits, but we won't let people lie," Matt said.

"I can't tell you how many people have called me during the course of this most tumultuous of years and said, at what point does the conservative community, do the 74 million Americans who voted for Donald Trump, do the people who love America, and think it's okay to read Dr. Seuss, and love Thomas Jefferson and Mount Rushmore, at what point do they start pushing back on the cancel culture? At what point do they say, this is a line you can't cross? I think we're at that line," he added.

"We called our conference, 'America Uncanceled.' The whole thing became about them canceling us. At what point do we not have the right to say,' you can't treat us this way'? You're disparaging us. You're destroying our reputation. You're destroying our ability to be respected members of our community. So, I'm taking your challenge of pursuing our legal options very seriously. And I think we have to go broader. We can't let these companies just follow the woke mob. We can't do it."

Watch the video clip below to catch more of the conversation:

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CNN reporter Jim Acosta was confronted at CPAC by The Federalist reporter David Marcus with a valid question: "When are you guys going to start covering Cuomo?" His answer — or, really, lack of an answer — perfectly demonstrates why he was earlier surrounded by CPAC attendees chanting, "CNN sucks!"

On the "Glenn Beck Radio Program" Tuesday, Glenn and producer Stu Burguiere react to a video clip of the exchange with Acosta, as well as the mainstream media's double standards when it comes to Democratic New York Gov. Andrew Cuomo.

Watch the video below:

Want more from Glenn Beck?

To enjoy more of Glenn's masterful storytelling, thought-provoking analysis and uncanny ability to make sense of the chaos, subscribe to BlazeTV — the largest multi-platform network of voices who love America, defend the Constitution and live the American dream.