We just came back from a trip to Argentina. My eyes and ears were open, listening and looking for signs of what a 99% inflation rate might mean for the country. What would it look like? Derelict buildings? Burned out vehicles blocking streets? No public transportation? Hordes of people begging for food?
Hardly.
The trip from the airport by taxi to our Airbnb in the upscale district of Palermo in Buenos Aires went past a lot of buildings that were in need of maintenance. For sure. But nothing resembling the backdrop of the Walking Dead series. People were having picnics in parks alongside the freeway. Interesting, but nothing world ending. Fare? Was about 5,000 Pesos. Or $25 USD. For a 30 min cab ride. Traffic as normal as any big city. A little more chaotic, but nothing crazy.
The AirBNB was in wonderfully treed neighborhood, across from a coffee shop that was doing brisk business, both inside and outside on its street patio. The apartment we rented was found behind a massive door that led to a courtyard that was kept spotless by a middle aged lady, who was the caretaker. The amenities were humble, but had everything we normally find in AirBNBs. Including a/c, running hot and cold water and a comfortable bed.
If you were to walk down Florida St., in the heart of downtown Buenos Aires shopping district, you could mistake the area for any upscale shopping district anywhere in the world. While the poverty was evident here and there with the odd homeless person sleeping in a doorway, upscale shops were open everywhere. Prices of course, were geared towards tourists. Definitely not locals, as a typical Argentinian (according to Google) makes $450 USD a year (or $157,000 Pesos). And a purse that my wife purchased was $75 USD. A deal for her. One sixth of an annual salary for a local.
The prevalent word on the street, "Cambio," was everywhere. Every 20 or 30ft. "Cambio, cambio, cambio" or Currency exchange in English. Even if you had no skills, you could say that word. Then with tourist in tow, take the person to the Exchange booth where you would get a cut of the proceeds. If you exchanged a crisp $100USD, you got $370 pesos for $1USD. If you used $50 or $20, you got 350 or 320 Pesos per USD. No ripped or marked bills. The entire exchange process felt like we were doing something illegal as the person doing the exchange did so behind a one way mirror. While the government does not encourage using USD for goods and services, it does look the other way.
Buses were running. As was the subway. We took a hop on/hop off tour for $50 USD for 2 people and rode the bus around the town. Absolutely stunning, especially the parks, where we saw people doing roller blading???, outdoor zoomba classes, running, biking and just enjoying life.
The restaurants were amazing. Food in touristy areas was still affordable. In tourist traps, you were paying US prices. If you ate off the main strips, you ate like a king and paid like a pauper.
That was Buenos Aires. If you travelled into Patagonia, which we did, the people only became friendlier (if that was possible), and more humble. And the vistas to explore, were unlike anywhere else in the world.
PGV, sell his ranch? Why in the world would he do that? He is tucked away into some of the most desolate but beautiful world, that is far away from everything were s*it to hit the proverbial fan. Plus he is actually creating and adding something of value to the world. In a place that time has forgotten. The originarios will eventually adapt to Bill, as Bill brings more value to the area and their lives. Otherwise, they would have scorched the ranch in his absence. They know it, and so does he.
Do they want something? Yes. Does Bill know what that is? Doesn't appear so. However, one day, the communication channels will open. Until then, its a waiting game for Bill and his family.
He is heaven sent to those that he employs, and to the people that get to enjoy the fruits of his and his employees' labor. May he flourish and be well.
Luke, some folks here dramatically underestimate Bill’s sophistication and business acumen. I suspect very few of them have read his 2012 book “Family Fortunes: How to Build Family Wealth and Hold on to It for 100 Years,” co-written with Bill’s eldest son, Will. About Will, we learn the following:
“Will Bonner is executive director of the Bonner & Partners Family Office, an independent estate-planning and investment research group. Will got his start working in the mailroom of the family business, Agora, at age 11. Later, he helped launch, and served as CEO of, Early to Rise, a leading self-improvement publishing business. In 2007, he opened Agora’s South American office in Buenos Aires, Argentina, and set up a successful business partnership that is one of the largest investment research and education companies publishing in Spanish. He is a graduate of St. John’s College’s Great Books program, earning a double major in philosophy and mathematics. He lives with his wife and two children in Delray Beach, Florida. He’s the eldest of Bill’s six children.”
I had no idea about that book. Thanks Alan! Kindled!
I have read his latest work, "Win, Win or Lose" (fabulous read), am reading (Audible) his "Empire of Debt" (eye opener), have sitting in my shelf, "Hormegeddon," plus a number of books he recommended back in December in the article about SBF being arrested.
I suspect that Will Bonner and other children will take over the family business when Bill kicks the bucket and goes on to become God's financial advisor!
Sycophant - someone who praises powerful or rich people in a way that is not sincere, usually in order to get some advantage from them.
Nice one PGV. I have never used that word before. Thank you!
While I too, respect Bill and applaud him on many levels, I wondered at one point where he stood on defense of the homeland. And didn't agree wholeheartedly with him, especially after the invasion of my ancestor's country, Ukraine. But after reading many of his missives here and his books offline, I understand that he doesn't want to fight on someone else's shores. Or someone else's battles. Understood. The logic that a lot of countries take, in sending their "boys" to fight the fight somewhere else, is to KEEP the fight off their own shores.
The problem with that logic, is where do you stop?
So Bill has drawn the line at a country's own borders. Personally speaking, they are the borders of his own ranch in Salta province in Argentina. The broken down fence in Ireland, the stone walls in France and the hedgerows in Baltimore.
Once again, hard to fault that logic.
We just haven't seen or heard how he deals with "attackers" when they get too close.
Hopefully, that day never comes.
I for one, cherish his words. More as a self adopted mentee, than as a sycophant.
Not really. If you and the world were that concerned about doing the right thing, then the US would be mired neck deep in every little squabble the world over.
They are not.
They pick and choose their battles. But who is going to pay for that? Ultimately, you are.
Read Bill's book, Empire of Debt, to understand that you can't fund wars without $$. Money that can be used for a lot better things than bullets and tanks.
Destructive?
What do you think was the #1 reason the US is in the mess they are in today?
Vietnam war.
Gulf Wars.
Afghanistan War.
Iraq War.
All wars that had absolutely ZERO to do with defense of the nation. ZERO. But were all paid, by the people of the USA.
All told, these wars were responsible for over 80% of the current 30T dollar debt. The rest coming from paying off elite banks and insurance companies in the 2008 financial meltdown and the Covid payout in 2020-21.
That money went to the military industrial complex. That is really the "soulless" one responsible for a mass shooting every day of this calendar year so far in the USA.
The right moral decision?
I asked ChatGPT what it would do to turn around the US's debt. Here it is. Hauntingly similar to Bill's own words.
"One approach to balancing a national budget is to increase revenues and decrease spending. Here are some potential strategies that could be considered:
Increase taxes: This would involve raising taxes on individuals or businesses to generate additional revenue for the government.
Cut spending: This would involve reducing or eliminating government programs or services to reduce expenditures.
Increase economic growth: This would involve implementing policies that encourage economic growth, such as investing in infrastructure or education.
Address entitlement spending: This would involve reforming entitlement programs such as Social Security or Medicare to reduce long-term spending.
Reduce military spending: This would involve decreasing the amount of money spent on the military, which is often a significant portion of the federal budget."
"Reduce military spending: This would involve decreasing the amount of money spent on the military, which is often a significant portion of the federal budget."
We're spending one-half of GDP than we were during Reagan's tenure. One-half! And we can't even determine what it is we shot down in the past week?
Tell me we don't need to spend more on defense (which is what the U.S. Constitution defines) and less on handouts for the lazy and moronic?
Thank you Luke! You made up our minds for a trip to Argentina and now looking very forward to the adventure!
A close friend just returned from Bariloche, and gave a similar description of the beauty of the "Swiss Alps" of the south, and the beauty of the people.
Sounds like America in the past, but unfortunately, with our current administration...
One more thing that I found different about Argentina, in retrospect.
Dogs run free in smaller towns. We didn't see any in Buenos Aires that weren't on leashes. But in El Calafate, El Chalten and Ushuaia, it wasn't uncommon to see 5 or 6 dogs running in packs. But none showed aggressive tendencies towards people. Though we did see a dog fight happen, where the pack turned on a single dog, for reasons unapparent to everyone watching and trying to rescue the pariah amongst them.
Wherever we went in the smaller towns, a lot of shops kept bowls of water out for these dogs, that didn't have any dog tags and didn't appear to belong to anyone. In Ushuaia, there were dog feeding tubes strapped to light standards filled with kibble and water, expressly for these animals. The smart ones of course, would simply camp out in front of restaurants waiting for their lamb leg, which some restaurants don't serve their customers, but save for these animals. Amazing.
Thank you brother! It’s amazing that here in the states we have homeless that run in packs of dozens, and they are treated worse then dogs in Argentina 😳
You might like to take in Perito Moreno, a glacier who's eastern end, sits right on top of Lake Argentina. If you go, be sure to book your glacier walk well in advance. We booked when we got there. Too late. Could only venture up to the glacier and touch it. The glacier walk was fully booked.
Also South America's most popular trail (if you like that sort of thing), in El Chalten, a little town just 8 km southeast of Mt. Fitz Roy. We camped at one of the campsites at its base, overnite. At night the winds howled through the valley, like a freight train rolling past the train station. The walk up to the mountain was like being in a Disney Fast Pass line. SO many people. But in the trail's defense, it was a weekend.
I'm personally a vegan. But the 5 others in our party lauded the lamb, the beef and the seafood in each and every restaurant we went to. I was just happy to be there.
And of course, take in one of the Tango shows in Buenos Aires. Highly recommended.
I have to apologize. I keep re-editing this post every few hours as I remember more about my trip, each time I talk about it to a friend.
Bidets. Every single AirBNB and every single hotel room in Argentina had them. If you've never used one, a bidet is like a toilet in that you sit down on it. That's where the similarities end. You use it to clean yourself, after defecating. The best bidets in the world are made by the Japanese and are combo toilet/bidets that can run as much at $5K USD or more. The best known brand is the TOTO brand of bidets. I have an inexpensive version, a Brondell Swash CL129 Non-electric Bidet Toilet Seat, that I purchased at Costco and retrofitted to my existing toilet. Inexpensive but amazing.
Why use a bidet?
Rose George, who wrote "The Big Necessity: The Unmentionable World of Human Waste and Why it Matters" says it best:
"Using paper to cleanse the anus makes as much sense, hygienically, as rubbing your body with dry tissue and imagining it removes dirt."
For a locale that has 99% inflation, they certainly have a leg up on North America hygienic standards.
I've been out of town a while and am catching up on my BPR Comments addiction. We just finished a three year remodel (took it down to the studs in phases both inside and out). The last phase was the master bedroom, bath and closet. We installed a TOTO bidet and I can't agree with you more. Anyone out there looking to get a return on their investment should seriously consider a bidet in every bathroom.
Are we talking about "A Clockwork Orange"? Excellent film! Stanley Kubrick is one of my favorite directors, along with Hitchcock. I loved "Dr. Strangelove"! If General Jack D. Ripper and Major "King" Kong were in charge, the Ukraine war would be over in one day. But so would Western Civilization!
As nice and kind as Luke is, you make the very real points that many don't entirely realize what they're leaving for others to contend with. (Though one with Bill's wealth and asset portfolio should "have people" to think about it if he chooses not to). There are tax ramifications when liquidating with a gain on sale and that might be why Bill is holding on to things because if his assets have appreciated it's better that his heirs get them at the "stepped up" values. Then they get to have all the fun liquidating them and they'll probably need the money to pay Biden's new rendition of the Estate Tax (oh boy).
I totally agree with you regarding the Originarios. They don't out and out destroy everything because that would be killing the Golden Goose that lays the Golden Eggs for them. But, until they get serious push back they will just continue nibbling and nibbling at the land and whatever else they can take without consequence. They're kind of like the Marxist/Leftist/Democrats that way, and need to squashed like the cockroaches they are.
DolarHoy.com is an interesting website (when translated into English by Google). I learned that in Argentina there is a Blue Dollar, a Dollar Currency, an Official Dollar, a Solidarity Dollar, a MEP Dollar, a CCL Dollar, a Tourist Dollar, and, not to be left out, a Crypto Dollar! Each seems to have its own exchange rate with the Peso. Bill and Joel, how do you manage this? Maybe that's why those folks were drinking all that Malbec at the restaurant!
Thank you so much again for your always interesting and informative missives. So much to think about and another reminder to continue to prepare. We very much appreciate your teams good work.
Bill and Joel, where are the "lead dogs" taking the US and who are they ..? I've not seen nor heard a "lead dog" since Dr Ron Paul .. sadly all the others where 'pretenders' or Hypocrites who preached one message but acted opposite. The world leadership is presently mostly 'tyrants' of various persuasions .. there are No Mandela's Thatcher's Regan's or even Bob Hawke's .. just a bunch of power hungry criminals who've managed to get to the top of their national mafia's and exploit their people .. so it's not just an American problem but a world wide web of corruption .. how can that be broken down so that people can once again have control over their daily lives? Sounds like the Argentine's are just adapting to an endemic/epidemic way of life that they are unable to change .. does that mean eventually we'll all have to live like they do ..? I suspect so ..
Very well stated Altschule! From all I hear about life in Argentina, I believe they are living a first world life, under a third world leadership, one very similar to our Republican and Democratic fraud leaders. Difference is, America is now the true Banana Republic, and it took all 545 from Both parties to bring America to our current demise..."Where have all the Good Guys Gone?"
from Simon black: how much would the federal government’s annual budget deficit be if they conformed to those proper accounting standards? i.e. the same ones that every major corporation has to follow?
Well, lucky for us, we don’t have to guess. Because the government actually publishes that number too.
They call it their “Net Operating Cost”. And it essentially represents the REAL budget deficit.
It turns out that the FY22 Net Operating Cost of the federal government was MINUS $4.1 trillion. And that figure was MUCH worse than FY21’s Net Operating Cost of $3.1 trillion.
From the DEPARTMENT OF THE TREASURY, WASHINGTON, D C. February 16, 2023
Results in Brief
The “Nation by the Numbers” table on the preceding page and the following summarize key metrics about the federal government’s financial position for and during FY 2022: • The budget deficit decreased by $1.4 trillion (50.4 percent) to $1.4 trillion and net operating cost increased by $1.1 trillion (34.8 percent) to $4.2 trillion... The government’s gross costs of $7.4 trillion, less $531.1 billion in revenues earned for goods and services provided to the public, plus $2.2 trillion in net losses from changes in assumptions yields the government’s net cost of $9.1 trillion. • Tax and other revenues increased by $670.0 billion to $4.9 trillion. Deducting these revenues from net cost yields the federal government’s “bottom line” net operating cost of $4.2 trillion referenced above. • Comparing total government assets of $5.0 trillion (including $1.4 trillion of loans receivable, net and $1.2 trillion of PP&E) to total liabilities of $39.0 trillion (including $24.3 trillion in federal debt and interest payable, and $12.8 trillion of federal employee and veteran benefits payable) yields a negative net position of $34.1 trillion.
Top right corner of this very page. Click on the Ball and the 3 lines. Click on "Manage your subscription" and then click on EDIT next to your email address.
BPR we talk about the debt many have run up in the US but isn't much of it at very low fixed rates and thus being paid off in inflated dollars? Would be nice to see a discussion the impact this debt is or isn't having on economy.
Argentina experiencing sky high inflation, the Peso is on its way to worthlessness, the 60/40 portfolio investment quack strategy, created by the great noble price winning economist Markowitz is having its BEST year since its inception in 1952!
This tells me ONE thing, the stock market is getting ready to launch itself and produce massive gains by year’s end. DOW 38,000 past the summer! Oh yeah boy!
On a different note, so there I was, waist high in 5.56 brass, the tavern was cold and the wind was my flute, suddenly the target appeared and........... end of story! 😂
P.S.
From 1939-1945 the stock market gained around 7% a year, at the start of the war, when Hitler invaded Poland. When the world war breaks out at then end of this year (2023) , the stock market will see increases of 20-30%, so don’t worry about your money, it’s going to grow so much, heck you might not even be around to see it! Hahaha!
HAhahaahaahhahaalolololhahahsahhshahsskdfkfjeidlolololmaslmaooWhoooocares about money?
Have to watch you don't laugh yourself to death....
I am shocked to learn the horrifying facts about the toxicity of dioxins, a class of chemical compounds formed when chlorinated compounds are burned. The authorities who set fire to the vinyl chloride in Ohio have unleashed an ecological catastrophe that's causing dioxin fallout on food, farms and families in Ohio, Pennsylvania and other states.
The maximum lifetime "safe" exposure to dioxins is 1/10,000th the mass of a single grain of table salt.
This means if you get one drop of dioxin chemicals on you, it's over. Massive cancer. Infertility. Spontaneous abortions, endocrine disruptions, etc. Very bad news.
Does this matter to American's?
At the end of the day, PiG V still believes being double Boosted, and Zelensky are as American as Apple Pie......and Dioxins are very good for you...
"Who is wise? He that learns from every One. Who is Powerful? He who Governs his Passions. Who is Rich? He who is Content. Who is That?....Nobody" Wake up America! Egypt Too:)
What a coincidence, interwoven in the fabrics of time, Ohio disaster, toxic fallout, cancer & infertility. A horrific toxic avenger! It’s happening now, why not 3,5,7,10,15 years ago, or 3,5,7,10,15 years from now? The Sands of Time wait for no one PG V! 😂 Then you have Russia, Chernobyl from the past. Hot Warsaw Nights! Bahahahaga! The Baba Yaga! A “Bitter Sweet Symphony”. Woooo! Styling and profiling like the nature boy! (Now picture the walk in your head!😂) Wooo!!!
We just came back from a trip to Argentina. My eyes and ears were open, listening and looking for signs of what a 99% inflation rate might mean for the country. What would it look like? Derelict buildings? Burned out vehicles blocking streets? No public transportation? Hordes of people begging for food?
Hardly.
The trip from the airport by taxi to our Airbnb in the upscale district of Palermo in Buenos Aires went past a lot of buildings that were in need of maintenance. For sure. But nothing resembling the backdrop of the Walking Dead series. People were having picnics in parks alongside the freeway. Interesting, but nothing world ending. Fare? Was about 5,000 Pesos. Or $25 USD. For a 30 min cab ride. Traffic as normal as any big city. A little more chaotic, but nothing crazy.
The AirBNB was in wonderfully treed neighborhood, across from a coffee shop that was doing brisk business, both inside and outside on its street patio. The apartment we rented was found behind a massive door that led to a courtyard that was kept spotless by a middle aged lady, who was the caretaker. The amenities were humble, but had everything we normally find in AirBNBs. Including a/c, running hot and cold water and a comfortable bed.
If you were to walk down Florida St., in the heart of downtown Buenos Aires shopping district, you could mistake the area for any upscale shopping district anywhere in the world. While the poverty was evident here and there with the odd homeless person sleeping in a doorway, upscale shops were open everywhere. Prices of course, were geared towards tourists. Definitely not locals, as a typical Argentinian (according to Google) makes $450 USD a year (or $157,000 Pesos). And a purse that my wife purchased was $75 USD. A deal for her. One sixth of an annual salary for a local.
The prevalent word on the street, "Cambio," was everywhere. Every 20 or 30ft. "Cambio, cambio, cambio" or Currency exchange in English. Even if you had no skills, you could say that word. Then with tourist in tow, take the person to the Exchange booth where you would get a cut of the proceeds. If you exchanged a crisp $100USD, you got $370 pesos for $1USD. If you used $50 or $20, you got 350 or 320 Pesos per USD. No ripped or marked bills. The entire exchange process felt like we were doing something illegal as the person doing the exchange did so behind a one way mirror. While the government does not encourage using USD for goods and services, it does look the other way.
Buses were running. As was the subway. We took a hop on/hop off tour for $50 USD for 2 people and rode the bus around the town. Absolutely stunning, especially the parks, where we saw people doing roller blading???, outdoor zoomba classes, running, biking and just enjoying life.
The restaurants were amazing. Food in touristy areas was still affordable. In tourist traps, you were paying US prices. If you ate off the main strips, you ate like a king and paid like a pauper.
That was Buenos Aires. If you travelled into Patagonia, which we did, the people only became friendlier (if that was possible), and more humble. And the vistas to explore, were unlike anywhere else in the world.
PGV, sell his ranch? Why in the world would he do that? He is tucked away into some of the most desolate but beautiful world, that is far away from everything were s*it to hit the proverbial fan. Plus he is actually creating and adding something of value to the world. In a place that time has forgotten. The originarios will eventually adapt to Bill, as Bill brings more value to the area and their lives. Otherwise, they would have scorched the ranch in his absence. They know it, and so does he.
Do they want something? Yes. Does Bill know what that is? Doesn't appear so. However, one day, the communication channels will open. Until then, its a waiting game for Bill and his family.
He is heaven sent to those that he employs, and to the people that get to enjoy the fruits of his and his employees' labor. May he flourish and be well.
Luke, some folks here dramatically underestimate Bill’s sophistication and business acumen. I suspect very few of them have read his 2012 book “Family Fortunes: How to Build Family Wealth and Hold on to It for 100 Years,” co-written with Bill’s eldest son, Will. About Will, we learn the following:
“Will Bonner is executive director of the Bonner & Partners Family Office, an independent estate-planning and investment research group. Will got his start working in the mailroom of the family business, Agora, at age 11. Later, he helped launch, and served as CEO of, Early to Rise, a leading self-improvement publishing business. In 2007, he opened Agora’s South American office in Buenos Aires, Argentina, and set up a successful business partnership that is one of the largest investment research and education companies publishing in Spanish. He is a graduate of St. John’s College’s Great Books program, earning a double major in philosophy and mathematics. He lives with his wife and two children in Delray Beach, Florida. He’s the eldest of Bill’s six children.”
And this was more than a decade ago!
I had no idea about that book. Thanks Alan! Kindled!
I have read his latest work, "Win, Win or Lose" (fabulous read), am reading (Audible) his "Empire of Debt" (eye opener), have sitting in my shelf, "Hormegeddon," plus a number of books he recommended back in December in the article about SBF being arrested.
https://bonnerprivateresearch.substack.com/p/sbf-arrested
His advice is well distilled knowledge. Love it!
I suspect that Will Bonner and other children will take over the family business when Bill kicks the bucket and goes on to become God's financial advisor!
Sycophant - someone who praises powerful or rich people in a way that is not sincere, usually in order to get some advantage from them.
Nice one PGV. I have never used that word before. Thank you!
While I too, respect Bill and applaud him on many levels, I wondered at one point where he stood on defense of the homeland. And didn't agree wholeheartedly with him, especially after the invasion of my ancestor's country, Ukraine. But after reading many of his missives here and his books offline, I understand that he doesn't want to fight on someone else's shores. Or someone else's battles. Understood. The logic that a lot of countries take, in sending their "boys" to fight the fight somewhere else, is to KEEP the fight off their own shores.
The problem with that logic, is where do you stop?
So Bill has drawn the line at a country's own borders. Personally speaking, they are the borders of his own ranch in Salta province in Argentina. The broken down fence in Ireland, the stone walls in France and the hedgerows in Baltimore.
Once again, hard to fault that logic.
We just haven't seen or heard how he deals with "attackers" when they get too close.
Hopefully, that day never comes.
I for one, cherish his words. More as a self adopted mentee, than as a sycophant.
Not really. If you and the world were that concerned about doing the right thing, then the US would be mired neck deep in every little squabble the world over.
They are not.
They pick and choose their battles. But who is going to pay for that? Ultimately, you are.
Read Bill's book, Empire of Debt, to understand that you can't fund wars without $$. Money that can be used for a lot better things than bullets and tanks.
Destructive?
What do you think was the #1 reason the US is in the mess they are in today?
Vietnam war.
Gulf Wars.
Afghanistan War.
Iraq War.
All wars that had absolutely ZERO to do with defense of the nation. ZERO. But were all paid, by the people of the USA.
All told, these wars were responsible for over 80% of the current 30T dollar debt. The rest coming from paying off elite banks and insurance companies in the 2008 financial meltdown and the Covid payout in 2020-21.
That money went to the military industrial complex. That is really the "soulless" one responsible for a mass shooting every day of this calendar year so far in the USA.
The right moral decision?
I asked ChatGPT what it would do to turn around the US's debt. Here it is. Hauntingly similar to Bill's own words.
"One approach to balancing a national budget is to increase revenues and decrease spending. Here are some potential strategies that could be considered:
Increase taxes: This would involve raising taxes on individuals or businesses to generate additional revenue for the government.
Cut spending: This would involve reducing or eliminating government programs or services to reduce expenditures.
Increase economic growth: This would involve implementing policies that encourage economic growth, such as investing in infrastructure or education.
Address entitlement spending: This would involve reforming entitlement programs such as Social Security or Medicare to reduce long-term spending.
Reduce military spending: This would involve decreasing the amount of money spent on the military, which is often a significant portion of the federal budget."
Nuff said.
Here's where you lose me:
"Reduce military spending: This would involve decreasing the amount of money spent on the military, which is often a significant portion of the federal budget."
We're spending one-half of GDP than we were during Reagan's tenure. One-half! And we can't even determine what it is we shot down in the past week?
Tell me we don't need to spend more on defense (which is what the U.S. Constitution defines) and less on handouts for the lazy and moronic?
Thank you Luke! You made up our minds for a trip to Argentina and now looking very forward to the adventure!
A close friend just returned from Bariloche, and gave a similar description of the beauty of the "Swiss Alps" of the south, and the beauty of the people.
Sounds like America in the past, but unfortunately, with our current administration...
One more thing that I found different about Argentina, in retrospect.
Dogs run free in smaller towns. We didn't see any in Buenos Aires that weren't on leashes. But in El Calafate, El Chalten and Ushuaia, it wasn't uncommon to see 5 or 6 dogs running in packs. But none showed aggressive tendencies towards people. Though we did see a dog fight happen, where the pack turned on a single dog, for reasons unapparent to everyone watching and trying to rescue the pariah amongst them.
Wherever we went in the smaller towns, a lot of shops kept bowls of water out for these dogs, that didn't have any dog tags and didn't appear to belong to anyone. In Ushuaia, there were dog feeding tubes strapped to light standards filled with kibble and water, expressly for these animals. The smart ones of course, would simply camp out in front of restaurants waiting for their lamb leg, which some restaurants don't serve their customers, but save for these animals. Amazing.
Thank you brother! It’s amazing that here in the states we have homeless that run in packs of dozens, and they are treated worse then dogs in Argentina 😳
Steve,
You might like to take in Perito Moreno, a glacier who's eastern end, sits right on top of Lake Argentina. If you go, be sure to book your glacier walk well in advance. We booked when we got there. Too late. Could only venture up to the glacier and touch it. The glacier walk was fully booked.
Also South America's most popular trail (if you like that sort of thing), in El Chalten, a little town just 8 km southeast of Mt. Fitz Roy. We camped at one of the campsites at its base, overnite. At night the winds howled through the valley, like a freight train rolling past the train station. The walk up to the mountain was like being in a Disney Fast Pass line. SO many people. But in the trail's defense, it was a weekend.
https://www.alltrails.com/trail/argentina/santa-cruz/laguna-de-los-tres-via-sendero-al-fitz-roy?search=true
I'm personally a vegan. But the 5 others in our party lauded the lamb, the beef and the seafood in each and every restaurant we went to. I was just happy to be there.
And of course, take in one of the Tango shows in Buenos Aires. Highly recommended.
Have a great time! Buenos Aires has UBER too!
Thanks for a proverbial, picture of contradictions and the realities.
The amazing world we inhabit and it’s enclaves of the unexpected, somehow
survive, thrive and rock n’ roll, when Phd. economists et al, conclusively explain in debits and credits, why they should not.
USA the next Egyptian Empire?
Not yet...
I have to apologize. I keep re-editing this post every few hours as I remember more about my trip, each time I talk about it to a friend.
Bidets. Every single AirBNB and every single hotel room in Argentina had them. If you've never used one, a bidet is like a toilet in that you sit down on it. That's where the similarities end. You use it to clean yourself, after defecating. The best bidets in the world are made by the Japanese and are combo toilet/bidets that can run as much at $5K USD or more. The best known brand is the TOTO brand of bidets. I have an inexpensive version, a Brondell Swash CL129 Non-electric Bidet Toilet Seat, that I purchased at Costco and retrofitted to my existing toilet. Inexpensive but amazing.
Why use a bidet?
Rose George, who wrote "The Big Necessity: The Unmentionable World of Human Waste and Why it Matters" says it best:
"Using paper to cleanse the anus makes as much sense, hygienically, as rubbing your body with dry tissue and imagining it removes dirt."
For a locale that has 99% inflation, they certainly have a leg up on North America hygienic standards.
I've been out of town a while and am catching up on my BPR Comments addiction. We just finished a three year remodel (took it down to the studs in phases both inside and out). The last phase was the master bedroom, bath and closet. We installed a TOTO bidet and I can't agree with you more. Anyone out there looking to get a return on their investment should seriously consider a bidet in every bathroom.
Too funny.
I've gotten that way myself. Can't wait for Bill's next newsletter, for the content, the wit, the irony and humor. But even more so, for the comments.
We don't have a TOTO yet. But we do have a bathroom reno in the plans. Can't wait!
Are we talking about "A Clockwork Orange"? Excellent film! Stanley Kubrick is one of my favorite directors, along with Hitchcock. I loved "Dr. Strangelove"! If General Jack D. Ripper and Major "King" Kong were in charge, the Ukraine war would be over in one day. But so would Western Civilization!
I’ve seen that movie too! J/K 😂
As nice and kind as Luke is, you make the very real points that many don't entirely realize what they're leaving for others to contend with. (Though one with Bill's wealth and asset portfolio should "have people" to think about it if he chooses not to). There are tax ramifications when liquidating with a gain on sale and that might be why Bill is holding on to things because if his assets have appreciated it's better that his heirs get them at the "stepped up" values. Then they get to have all the fun liquidating them and they'll probably need the money to pay Biden's new rendition of the Estate Tax (oh boy).
I totally agree with you regarding the Originarios. They don't out and out destroy everything because that would be killing the Golden Goose that lays the Golden Eggs for them. But, until they get serious push back they will just continue nibbling and nibbling at the land and whatever else they can take without consequence. They're kind of like the Marxist/Leftist/Democrats that way, and need to squashed like the cockroaches they are.
DolarHoy.com is an interesting website (when translated into English by Google). I learned that in Argentina there is a Blue Dollar, a Dollar Currency, an Official Dollar, a Solidarity Dollar, a MEP Dollar, a CCL Dollar, a Tourist Dollar, and, not to be left out, a Crypto Dollar! Each seems to have its own exchange rate with the Peso. Bill and Joel, how do you manage this? Maybe that's why those folks were drinking all that Malbec at the restaurant!
Thank you so much again for your always interesting and informative missives. So much to think about and another reminder to continue to prepare. We very much appreciate your teams good work.
Bill and Joel, where are the "lead dogs" taking the US and who are they ..? I've not seen nor heard a "lead dog" since Dr Ron Paul .. sadly all the others where 'pretenders' or Hypocrites who preached one message but acted opposite. The world leadership is presently mostly 'tyrants' of various persuasions .. there are No Mandela's Thatcher's Regan's or even Bob Hawke's .. just a bunch of power hungry criminals who've managed to get to the top of their national mafia's and exploit their people .. so it's not just an American problem but a world wide web of corruption .. how can that be broken down so that people can once again have control over their daily lives? Sounds like the Argentine's are just adapting to an endemic/epidemic way of life that they are unable to change .. does that mean eventually we'll all have to live like they do ..? I suspect so ..
Very well stated Altschule! From all I hear about life in Argentina, I believe they are living a first world life, under a third world leadership, one very similar to our Republican and Democratic fraud leaders. Difference is, America is now the true Banana Republic, and it took all 545 from Both parties to bring America to our current demise..."Where have all the Good Guys Gone?"
from Simon black: how much would the federal government’s annual budget deficit be if they conformed to those proper accounting standards? i.e. the same ones that every major corporation has to follow?
Well, lucky for us, we don’t have to guess. Because the government actually publishes that number too.
They call it their “Net Operating Cost”. And it essentially represents the REAL budget deficit.
It turns out that the FY22 Net Operating Cost of the federal government was MINUS $4.1 trillion. And that figure was MUCH worse than FY21’s Net Operating Cost of $3.1 trillion.
Big lying POTUS!
From the DEPARTMENT OF THE TREASURY, WASHINGTON, D C. February 16, 2023
Results in Brief
The “Nation by the Numbers” table on the preceding page and the following summarize key metrics about the federal government’s financial position for and during FY 2022: • The budget deficit decreased by $1.4 trillion (50.4 percent) to $1.4 trillion and net operating cost increased by $1.1 trillion (34.8 percent) to $4.2 trillion... The government’s gross costs of $7.4 trillion, less $531.1 billion in revenues earned for goods and services provided to the public, plus $2.2 trillion in net losses from changes in assumptions yields the government’s net cost of $9.1 trillion. • Tax and other revenues increased by $670.0 billion to $4.9 trillion. Deducting these revenues from net cost yields the federal government’s “bottom line” net operating cost of $4.2 trillion referenced above. • Comparing total government assets of $5.0 trillion (including $1.4 trillion of loans receivable, net and $1.2 trillion of PP&E) to total liabilities of $39.0 trillion (including $24.3 trillion in federal debt and interest payable, and $12.8 trillion of federal employee and veteran benefits payable) yields a negative net position of $34.1 trillion.
This isn't really a comment but a request - How do I change my email address in your records ??
Roland Friestad
Top right corner of this very page. Click on the Ball and the 3 lines. Click on "Manage your subscription" and then click on EDIT next to your email address.
Wisdom: “Better six bottles today than three in a year’s time.”
BPR we talk about the debt many have run up in the US but isn't much of it at very low fixed rates and thus being paid off in inflated dollars? Would be nice to see a discussion the impact this debt is or isn't having on economy.
Again.
No email to inform me of new content.
I'm a paid subscriber.
I last received a Bonner email was 2/9.
Hi Matt. Please contact as at research@bonnerprivateresearch.com so we can look into why you wouldn't be receiving our emails.
Argentina experiencing sky high inflation, the Peso is on its way to worthlessness, the 60/40 portfolio investment quack strategy, created by the great noble price winning economist Markowitz is having its BEST year since its inception in 1952!
This tells me ONE thing, the stock market is getting ready to launch itself and produce massive gains by year’s end. DOW 38,000 past the summer! Oh yeah boy!
On a different note, so there I was, waist high in 5.56 brass, the tavern was cold and the wind was my flute, suddenly the target appeared and........... end of story! 😂
P.S.
From 1939-1945 the stock market gained around 7% a year, at the start of the war, when Hitler invaded Poland. When the world war breaks out at then end of this year (2023) , the stock market will see increases of 20-30%, so don’t worry about your money, it’s going to grow so much, heck you might not even be around to see it! Hahaha!
Hey Bro,
HAhahaahaahhahaalolololhahahsahhshahsskdfkfjeidlolololmaslmaooWhoooocares about money?
Have to watch you don't laugh yourself to death....
I am shocked to learn the horrifying facts about the toxicity of dioxins, a class of chemical compounds formed when chlorinated compounds are burned. The authorities who set fire to the vinyl chloride in Ohio have unleashed an ecological catastrophe that's causing dioxin fallout on food, farms and families in Ohio, Pennsylvania and other states.
The maximum lifetime "safe" exposure to dioxins is 1/10,000th the mass of a single grain of table salt.
This means if you get one drop of dioxin chemicals on you, it's over. Massive cancer. Infertility. Spontaneous abortions, endocrine disruptions, etc. Very bad news.
Does this matter to American's?
At the end of the day, PiG V still believes being double Boosted, and Zelensky are as American as Apple Pie......and Dioxins are very good for you...
"Who is wise? He that learns from every One. Who is Powerful? He who Governs his Passions. Who is Rich? He who is Content. Who is That?....Nobody" Wake up America! Egypt Too:)
😂
What a coincidence, interwoven in the fabrics of time, Ohio disaster, toxic fallout, cancer & infertility. A horrific toxic avenger! It’s happening now, why not 3,5,7,10,15 years ago, or 3,5,7,10,15 years from now? The Sands of Time wait for no one PG V! 😂 Then you have Russia, Chernobyl from the past. Hot Warsaw Nights! Bahahahaga! The Baba Yaga! A “Bitter Sweet Symphony”. Woooo! Styling and profiling like the nature boy! (Now picture the walk in your head!😂) Wooo!!!
(Scratching head emoji) I struggle to keep up with Egypt
Loic...Don't fret. He is well ahead of all of us.
ES: Only in your dreams.
You mean like Roy Orbison?
“A candy-colored clown they call the sandman Tiptoes to my room every night
Just to sprinkle stardust and to whisper
Go to sleep, everything is alright”
😂
ES: Yes...I was a big fan of his. He was a great entertainer. I still listen to his music now and then.
Hahaha! Sleepy Joe!!!
https://www.rt.com/russia/571578-how-west-sponsors-killing-of-people/amp/
Thank you for that Clem. I just wish more. Americans understood the history of Ukraine. They were definitely see things differently.
LMFAO! Yup, that sounds pretty mysterious, falling to your earth from a high rise building! I bet she left a lasting impact! Too soon! Too soon!
Well Gypt, as we all know -
It's not the fall that kills ya, it's the landing...
Kinda like, the bigger they are.....the harder they hit! 😃