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Making the Argument with Nick Freitas

What Killed The American Dream?

Making the Argument with Nick Freitas

Nick Freitas

News, Society & Culture, News Commentary, Politics

4.4743 Ratings

🗓️ 17 July 2025

⏱️ 110 minutes

🧾️ Download transcript

Summary

Everyone feels as if the American Dream has slipped away…but why? Why is it that when the stock market goes up, or the talking heads tell us the economy is booming, it never feels that way? Something HAS changed. So what is it? Why has it changed? And what can we actually do about it?

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00:00:00 - Intro

00:02:30 - “Remember When $50K Was A Lot of Money?”

00:09:30 - How We Got Here: The Reserve Currency Trap

00:18:31 - The Triffin Dilema

00:26:31 - Jacques Rueff’s Haunting Prediction

00:36:55 - Hyperfinancialization

00:44:11 - Why The Middle Class is Vanishing

00:45:23 - The Losers From Globalization

00:54:14 - The Winners From Globalization

01:01:17 - Why The System is Breaking Now

01:06:58 - Does The Left Have a Point?

01:20:29 - What Gave Rise to the Populist Right?

01:29:20 - Can Avoid Catastrophe?

01:34:38 - What Can You as an Individual Do About it?

Transcript

Click on a timestamp to play from that location

0:00.0

whenever we talk about kind of the economic problems within the United States, we generally

0:05.1

have both sides of the aisle disagreeing about either what the cause is or what the actual status

0:10.5

is. When Democrats are office, we're told the economy is great. When Republicans are in office,

0:15.2

we're told the economy is great. And then we never really get to the heart of the very real

0:20.6

problems that people are actually feeling.

0:22.6

And this is not just about politics.

0:24.3

This is also about generations.

0:26.5

Typically, when Gen Z or millennials talk about how difficult things are,

0:29.8

Gen X and boomers tend to say, well, you just need to work harder.

0:32.9

And there's an element of truth to that.

0:34.8

By the same token, there's also an element of truth that things have

0:38.1

changed quite a bit within the economy since the time that older Gen Xers or boomers were going

0:44.5

out and getting a job or buying a home. I saw a map a while back that showed that manufacturing

0:50.0

was the predominant source of work in most states in 1990. You look at that today,

0:56.6

and it's the predominant source of work for only one state. And even then, it's somewhat

1:01.6

questionable when you dig into some of the data. So it's obvious that the economy has changed

1:06.7

rather significantly. The question is, is what is the source of the problems that we're

1:12.2

experiencing? Because the things that Gen Z and millennials are talking about are actually very

1:16.7

real. It's not all just complaining. And so we have to be able to identify that. Because if we

1:21.5

can't provide a good answer, I promise you, there's a lot of forces out there offering

1:26.0

answers to Gen Z and millennials and they're

1:28.3

listening and it's not going to be good enough to simply respond with just work harder when hard

...

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