Crackpot Experiment Number One gave the feds greater control of our money, with the inevitable undesirable results. Crackpot Experiment Number Two has the feds taking over trade.
After reading some of the comments I actually went back and re-read the post. It seems to me that Bill is only highlighting the folly of central planning. Am I wrong? Or must we believe that while central planning is usually bed, it's OK when Trump does it?
Tim, fail to see how you got that conclusion from Bill's missive today. My take - tariffs never work, fiat currencies eventually fail (as we are seeing if the US$ plunging 86% since 1972), and world trade is rapidly changing and will punish us peons/minions here in the good ol' USofA. But do the politicians and neocon care - not a bit, not one single bit. The U.S. clearly is not the world's hegemony anymore but ol' Trump wants to be King and has less diplomacy than a mafia boss. And, the really folly is - what would our national debt be if (and it is a BIG IF) the U.S. hadn't interfered in Korea, Vietnam, Iraq (you get the idea) and hadn't put over 800 military bases outside the U.S. Does anyone actually think that has made America safer? Such hogwash.
Actually, Clem, most fiat currencies have plunged more! As the o' sayings so - the US$ is the best horse in the clue factory. That isn't good from a peons point of view. It just means our currency doesn't suck as most of the world's. Does that make you feel good? I hope not. If you are 109 and on your deathbed - who care? But, if you are here rumbling around ol' Bill's comment page - probably not. The world is changing fast. It isn't a slow slip into the bog of the swamp - it is a dive. Wake up and smell the sh*t. Yes - the phrase is actual wake-up and smell the rose, but there are no roses to smell.
Angry, and the name fits you so well, does it matter? Us minions/peons that roam Bill's comment page are not going to make a difference about anything. Zero, Zlitch, Da Nada! So, here we come daily to bitch or support ol' Bonner and he keeps collecting his due through our subscriptions like the Sophists of Athens. TDS vs TDS - doesn't matter. There is no difference to be made here!
Thank you, ANGRY, you made my point for me! Such a horrific case of TDS! I am just smilin' and smilin' and smilin'. How did you escape from Jonestown again?
I enjoy the back and forth, up and down, and circular commentary. For me I would prefer to keep the smorgasbord of thoughts and opinions going (Im not looking for agreement here with mine).
Personally I enjoy having MY thoughts and opinions challenged. If it’s okay with you can we hold off on the SHOOT OUT AT THE OK CORRAL until we get bored with this later (and then choose sides)? Your thoughts?
I’m with you on 95% of your points made. I’m just not sure on the tariffs issue. It totally makes sense that they don’t often work, but “never” is a high hurdle. We’ll see.
Tim, from my viewpoint (and, of course, I have my own beliefs) all tariffs do is put a "tax" on us consumers. The exporters don't pay the tariffs - they are passed on to us peons through higher prices. Just like the other day in Powell's speech - the CPI index was only 2.7% but, if you were paying attention, the CPI he quoted did not include food and energy. Go look it up - the Feds did NOT include the increases in food and energy in their CPI calculations because they were "too volatile". You can't make this stuff up. So inflation is only 2.7% - except for us poor peons it is much higher since we all eat and we all use energy. Tariffs aren't leveling the playing field or fixing imbalances in trade (by the way caused by the U.S. corporations sending manufacturing overseas) they are a tax. Such hypocrisy. And, the crap about bringing back manufacturing to the U.S. - yep, more BS. Why, you say? Because it won't bring back jobs for the middle and lower class. Yes - it will bring dark factories full of robots working night and day. Us peons - not such a win. Enough of my diatribe. Here's to August!
Tim, that is spot-on. Life is short and the vast majority of "stuff" we have no control over. I can't remember what philosopher said - "The only thing we can control is our thoughts". It is 5 o'clock somewhere - so I think I'll have a glass of wine.
IMO - Today's missive is more like floating on a leaky inner tube of "Central Planning Bad" (and yes, it is) while bobbing in a sea of Trump Hate - SSDD. (Same Sheet, Different Day)
It's all about Perspective - to decipher Bonnerese, it's REALLY simple. Understand that each article uses a well-worn Thesaurus to publish the same fear-inducing screeds that get vomited out every day, and be sure the Panic Button message is built on an Irrational Foundation of how lame, stupid, corrupt, ignorant, unskilled, naive, unqualified, unsophisticated, dishonest, etc. Trump is.
What's the Over/Under on how many days until Bill has to add LUCKY to that list? Based on early returns of July Economic News and Numbers, I'd say we're already there....
I was kind of thinking along the same lines. Bonner seems to write a reasonable column today, but I remind myself of how he exaggerates or distorts information about Trump to make him look as bad as possible. Bonner has lost so much credibility with me, I am skeptical of just about everything he writes, especially when Trump is involved. He complains about Trump tariffs, then complains again when Trump reduces them. Although, I do have to acknowledge that Bonner may have a point in his description of why manufacturing has left the US - destruction of the value of our money and the consequences of that.
The US consumer loses as long as trump continues implementing his punishing policies.
Foremost, he's effecting a tax on the US importer the burden of which will be reflected in higher prices for US consumers.
And, should he succeed in blackmailing foreign firms to relocate their production to the US, the prices for whatever they make here will reflect the US hourly production costs.
These costs are the highest in the world. Ergo, the US consumer will pay more for the same product preciously made abroad but now made in the USA.
Also odious is the current secretary of the Treasury boasting about the enormous tariff revenue the USG has recently reaped. At no time does he explain the US importer is the source of this revenue
He's perpetuating the misnomer that foreign firms are paying our tariffs. Instead, he should be worried that trump's tariffs may very well slow down trade with America
There's just one huge hole (or omission) in your analysis. Which laborers benefit from all the jobs that are created and/or maintained with those higher production costs? I'd rather have Americans busy producing than needing to be subsidized by government.
He also sidesteps the FACT that 𝘄𝗲 𝗵𝗮𝘃𝗲, 𝗯𝘆 𝗳𝗮𝗿, 𝘁𝗵𝗲 𝘄𝗼𝗿𝗹𝗱'𝘀 𝗹𝗮𝗿𝗴𝗲𝘀𝘁 𝗣𝗼𝗼𝗹 𝗼𝗳 𝗖𝗼𝗻𝘀𝘂𝗺𝗲𝗿𝘀 𝘄𝗶𝘁𝗵 𝘁𝗵𝗲 𝗺𝗼𝘀𝘁 𝗗𝗶𝘀𝗽𝗼𝘀𝗮𝗯𝗹𝗲 𝗜𝗻𝗰𝗼𝗺𝗲. THAT obvious fact is what drives all the other Countries to Trump's Tariff Table (kicking and screaming in some cases, but they still MUST come) - the world needs US WAY more than we need them, and that is the bottom line re. Tariffs. It's also why the America-Lasters squawk so hard and so often against them, even though the doom-and-gloom they swear by has yet to emerge. At their heart is the Hatred that America is the Big Dog on the world's economic stage and Trump understands that - then he uses it to our advantage. Drives them doubly nuts....
.. So that's why 2025 exports are at a record high!
I think it's far too early to conclude the effects of the tariffs.
-
China has maintained a trade surplus since it joined the WTO in 2001.
They operate a socialist economy; the Chinese gov't subsidizes industries and has a hand in the settlement.
Most countries not only apply tariffs but include VATs.
The gov't effectively operates by reward or punishment.
Seems your lament is that it is punishing sectors you favor - imports.
You don't express any love for the giddy exporters.
I agree, this is far from perfect, however it's better than status quo.
-
Either the U.S. consumer pays direct higher labor costs that return in the form of tax revenues for the domestic economy, or continue paying trade deficits that favor foreign concerns, you tell me which you prefer...
Each presumes tariffs are beneficial correctives to dastardly foreign firms exporting their VAT-infused but predatory-priced goods to us.
Tariffs are a tax. Yes, the higher the tax, the more the revenue for the government imposing the tariff.
But, the higher the tariff, the higher the cost to the consumer. And, the more costly the tariff punished product becomes, then the fewer units of it are purchased.
The winner? The government imposing the tariff. The loser? The consumer.
The ultimate solution: While eliminating tariffs, begin reducing government spending gradually but deliberately thereby slowly but assuredly restoring the purchasing power of the dollar.
It's called The Price Elasticity of Demand. The exporters are eating much of the cost. They will or they will cease to be exist. American consumers will certainly eat some of the cost as well. You fail however,
to acknowledge that with these trade deals I have two sides. Are manufacturers get fairer access to foreign markets. The employees, Investors and other stakeholders in american companies will benefit.
Who knows? What do you think the impact of seeing American automobiles in Japan might be? How about some F150s in Germany? All illegal today and yet their cars flood our markets. Look at full sides of the ledger.
I love price elasticity. But I don’t believe it’s a lens through which tariffs can be evaluated.
Nor do I believe imposing tariffs on every country on this planet is a boon to world trade
As for opening doors for US made cars to be sold in Japan and Germany, that’s a task for the USTR (US Trade Representative, our trade negotiators. Their office is steps away from the White House).
Mr. Gallien, Also, heavy regulations on domestic business by fed. govt. bureaucrats since Pres. Clinton's time were another problem that chased manufacturing overseas.
TDS vs TDS. We each have our opinions and they are the basis of our beliefs. Simple. History is on one side and Kool-aid on the other from this ol' man's perspective. At least still here in the good ol' USofA, you can believe, out loud, what you want. Doesn't necessarily make you right - except in your own mind. I stand with Bill. Just one question - if you despise Bill so, why are you still here?
You "out" yourself, Ol' Man. I don't "despise" anyone - and the fact that you think disagreement with provable lies and pointing out gas lighting/ half-truths coming from our host equals Hate says way more about you than anything I write. You claim to be just happily strolling along in the middle, yet accuse me of Hating when all I am doing is pointing out Truth and Reality.
Hmmm - which group of people in today's America consistently twist what they don't agree with by calling it Hate, or Racism, or Homophobia or on and on? My Way or the Highway of Cancellation - and people like you call people like me the Fascists. How overtly Ignorant.
Ol' Edge - you are quite the philosopher. LOL! Really? Your "TRUTH" is real and anybody that disagrees is just "hateful"? Is that your view? Really? You have a huge sickness called TDS - and, I'll help you out there - TDS is Trump Devotion Syndrome. Unbelievable! Keep drinking the Kool-aid! Just makes me smile and chuckle. Thank you - hard to believe some are so TDS.
Glad I can keep you entertained, Ol' Man. It's so vitally important to me...
PS- You're starting to sound a bit desperate - just like the rest of the leftardes. Bad news, buddy. The tide has turned and it's a new day in America. Lies, Corruption, Hatred and Manipulation are on their way out. Better change your playbook....
OL jc...James Comey, Was walking along the beach and found a interesting collection of sea shells. 8647. The Ol hater saw a similar collection of seashells. Unbelievably, there in the Ol, wet carpet, they miraculously spelled out. 86SE.
Perhaps I'm sympathetic to Bill's position because I find Trump, like almost every president in the last 50 years disappointing in some very important ways. And I refuse to accept "but Kamala/Biden would have been worse." That's a VERY low standard.
Yes brother Starboard, Crackpot Economics, Crackpot Commentators, Crackpot old men and Crackhead democrats. America is full of these demented 💩heads. Don’t waste your time trying to help these most demented of society. Let them melt down and burn the cities they live in. We will be there to clean up the mess when it’s all over and put them all where they belong. In the meantime, sit back, enjoy the show with a nice cigar, bourbon and buy the dip:)
Yes brother Don, it’s been on the rise since it’s inception! If we follow past cycles, we are at the end of the forth cycle. Next year we should start crypto winter and that last about a year. It’s where all cryptos drop and stagnate for months. Good time to buy. Do your research and learn as much as you can. You can make lots of money if you know how the market moves. Good luck 🙏
It was a surprise to me. Might be like buying a cheap stock just because it’s cheaper than say Apple.Someone told me Etherium was the second choice behind Bitcoin that was 2013.
OK, so Trump is the only President since 1971 that failed to understand the effect of moving off the gold standard. This is getting old. That policy decision was made 54 years ago. It is only going to change by some type of catastrophe. I guess Biden and Obama had it all figured out, right Bill. If Trump announced today that the United States was going back to the Gold Standard, you would write for three months, that he doesn't know what he is doing. He has shaken things up more in 6 months, than those other bozos did in 12 years. For God's sake, Biden didn't even know how to get off a stage, and Obama is as slimy as the Clintons. The next thing you are probably going to say is that you think AOC would be a great choice for our next President.
Your entire comment seems non sequitur. The reality is we have voluntarily imposed a flat tax on most AMERICANS. It will have a disproportionate negative effect on the lower 70% of households. The real question is what will be the long term (next 36 months) economic consequences. Perhaps a Great Depression II or devaluation of the USD by 50%. The upside is hard to visualize. How is the next economic boom funded when there are no solvent creditor to borrow from.
Here's a conundrum: Mr. Bonner has allegedly bet all he has on The Big Loss. His whole schtick, I mean program, is based on The Big Loss: "The Big Loss is real; I, and only I, understand it. Let me help you avoid it. Buy my program." Yet he rails against everything that he claims is bringing on The Big Loss. I don't think The Big Loss needs any help from Mr. Trump, Mr. Bonner, or anyone/anything else. It's there, lurking, proper policy or no. It seems to me that what Mr. Trump is trying to do is find a way to keep Mr. Big Loss at bay. It's possible Mr. Bonner sees that, too, and is annoyed. Best always. PM
PM, I've been reading the "doom and gloom" crowd since the late 70s. Most of them are free market advocates which Bonner is also (albeit with a case of severe TDS). Much of their analysis seems reasonable. However, in one sense, I can ask - we are all still here, so where's the gloom and doom? But in another sense, we can look at the inflation and high interest rates of the 80s, the dot.com bust of the late 90's, early 20's, the sub-prime debacle of the 2008's or so, the decimation of the value of our currency, the huge increase in government and private debt, and it is not unreasonable to believe that the final financial disaster is at our doorstep. BPR may not be the best messenger, but....
Brother John, My entire economic experience reads like a Kafka novel: if you accept the ridiculous, initial premise, it all follows logically. By 1980, I was married, had bought my first house, had experienced 2 oil shocks, inflation was going nuts, and I had a newborn in the home, along with cars, dogs, and pressure. I could not afford to make a mistake, or so I thought. I was motivated. Out there, I came across 2 books. One was Jerome Smith's excellent exposition on gold-backed and Austrian (von Mises) School economics, "The Coming Currency Collapse" and the other was (don't laugh) Howard J. Ruff's "How to Survive the Coming Bad Years". Already a half-ass coin collector, I started buying junk silver when cash allowed at $5-to-$1. These two guys were both right as rain, IN A TEXTBOOK, CLASSIC SENSE. The problem is/was that this "economy" thing is fluid as can be and built on shifting sands, with kick-the-can options nobody ever dreamed possible before the dollar was allowed to float (Nixon closing the window). Gary North is another guy I got to following, economically that is. I became a hard-money, small-government man. You can imagine my frustrations over the years! I've been waiting for the collapse just as hard-core Christians are waiting for the return of the Savior (nothing wrong with that, mind you, but it has been a wait). I read Samuel Beckett's "Waiting for Godot" in grad school. I know all about the "wait". So, like the big liar from Arkansas, I got good at compartmentalizing: I had to manage my preparedness, while also trying to take care of opportunities at hand. By the time the dot.com mess rolled around, and with 5 kids getting ready to start college, I got out of both enterprises and have been living on my wits ever since. I'm still a hard-money, small-to-no government man, but I don't really care all that much at this point, coming up on 73, owning my bolt-hole house, still married to the same gal, all 5 kids successful and happy, and not really giving a Rhett Butler damn. President Trump, for all his faults, is the only guy, other than George Wallace and Pat Buchanan, who fought back against our criminal government. Sorry for the "book", but I wanted to give you context, as I consider you one of the pillars on this forum. Many thanks for the reply. Best always. PM
Thanks for the words of Your life. Now I can see where You actually came from, besides "Mommy". Helps Me to see some of the "rants". Then I can make sense.
Loved your reminiscing. In terms of economics, I went through some similar experiences. Reading Atlas Shrugged in 1973 was a watershed moment for me. I then read just about everything Ayn Rand wrote which led me to Austrian economic thought and some of the names you mentioned. While the whole house of cards hasn't collapsed yet, we've had some pretty severe shocks. Hopefully, Trump can make the course corrections he is in the process of implementing before it's too late (deregulation, bringing back manufacturing and production to the USA, energy production including nuclear). I always look forward to your posts as well as SE and some others. It gives me hope that there are still rational people out there that can think logically. Thanks for sharing.
I think I have told you before that Ayn Rand's thinking is wonderful, and her ideas are straight, but a story can be told in fewer than 800 pages. Some gal trying to make points with me in 1972 handed me "Atlas Shrugged", saying I should read it, as she considered me the embodiment of Hank Riordan. As you can imagine, I was excited to read the book, but I struggled through it. Best always. PM
Brother Xave, please don't miss my reply to John Gallien above. I'm just too lazy to repeat it. Specific to your point, I have given both Bonner and Stansberry lots of subscription money, and don't leave out Doug Casey. I like them all, and they are always right in theory, except Bonner has gotten too preachy for me. Best always. PM
They are all mesmerizing in a different way. I read that Ruff book; I bought a farm; I was in ag co-ops in Peace Corps.
Like “East of Eden” there is always a way to make money: knowledge, luck or providence. 1980, high interest rates were good to me, I was able to build a house.
When I left the farm, my sister gave me a subscription to Investors Business Daily; I learned Bill O Niel’s method. It worked, if you added 12 hours a day. It taught me to prevent the big loss by selling looser and the bigger loss by getting out, in the short term corrections which could become large and buying opportunities, if you had capital. The dot com was a fling, out for the crash, the mortgage crisis I was on a sailboat and lost 70% of my money,and Covid I was in for a bit and out before the mkt sold. I learned long term is best, if you pick good stocks, I bought my mother Intel and Microsoft in 1986; the broker thought I was crazy.
The game has changed, computer trading; you have to wonder if there is a market, that’s why it keeps going up, very few stocks. You can never bet against Americans, a lot of latent energy and transforming technology. I buy gold for protection and Bonner is right, if you bought gold in 1971, you probably beat the market which means you stayed in the same place. I don’t know what holds it all up.
Trump is turning out different, a little scary, we need different.
I would never buy too much Bitcoin but I wish I would have held onto the one I paid 5k. If the $ failed, what else is there? One could be a sound retirement.
I don’t much care about money; my needs are few; I save for my daughter that she can always have a house. If God wanted me rich, I would be rich. I am rich in many ways. I have you beat; I am 83.
You are probably the closest thing in this group to a mystic. Rich and wealthy are often two different things. I think you ARE rich! Experience is priceless. We do pay a high price for it. I call it "tuition in the school of life." The primary theory and keystone of my faith and the post-mortal existence, so-called "afterlife", though I believe life is a continuum, pre-mortal, mortal, and post-mortal, is that upon dying, we receive perfect understanding. To me, that is true equality. Best always. PM PM
I also have to thank all You elder folks. Your knowledge and wisdom are earned , not given to You on a silver platter. I am learning , also in My elder Years that past time was not wasted . Just that , as I keep telling My grand children , experience is the best teacher. I could talk and talk to them , but the experience will teach them that My words are true. Thanks all You elders out there.
Brother Xave, did you ever see the movie "Major League"? "We're outta towels, and I'm too old to go diving into lockers." That pretty much sums up my position on Bitcoin. I have nothing against it, but it's too late in the game for me. I got out of "investing" right before the dot.com bubble burst, and I don't intend to go back. I hope you make a killing in it. Nothing would please me more. I always rejoice at success of my friends, and I consider you one of the good guys. Best always. PM
Good job Bill showing restraint! I know it took everything you had to not DIRECTLY call the President T.A.C.O. You did say it in every other way possible. Common sense, which I question if you have anymore, requires you to shoot for the moon in a negotiation. Then work backwards if needed. Also, using the NY times for ANYTHING of value continues to be foolish. However I'm still pulling for you to get the job there! Maybe you could take over for Kessler at the Wash. Post. You would be fabulous at "fact checking"!!!!!! On a friendly note, enjoy the wedding.
Kirk, here I can help ya. Trump the TACO Clown and he is getting better and better at being the TACO Clown. Unfortunately, other than that - the guy is a disaster! Feel better now.
Bill-there has been 5 world currencies since the 1400’s. Each one has lasted between 80 years to most at 110 years. The dollar has been in existence close to its end. I am not surprised that the dollar has been losing value yearly. I truly believe that the dollar is doomed and we will have another currency for trading in world economics. Of course, what it will be no one knows. It could be crypto, it could be a new form of money from the IMF, or ???. I hope the new money is tied to gold which has been money for thousands of years. Trump is trying something new because nothing has worked in many previous administrations. Only time will tell if what he is doing works. Everyone criticizing Trump is just guessing. You can criticize one year from now if what he is doing does not work. Who knows maybe a level playing field could work.
Okay, after reading Bill’s morning magna carta its apparent he has all the answer. Bill since that is the case how about we put you in the white house. Im sure in 12 months or less, the debt will be gone, wars will dissapear, military size reduced, rouge nations tamed, terrorists eliminated and world peace a given.
The government has decided to play God… again. Only this time, instead of parting the Red Sea, they’re jacking up copper tariffs and trying to resurrect 1930s protectionism like it’s a freaken deleted scene from Oppenheimer. Yeah, real “Art of the Deal” sh*t, huh? You wanna fix the economy Mr. President, well you don’t slap tariffs on copper you Jackwagon! That’s like putting a diaper on a nuke and expecting it to stop crapping explosions!!
This administration thinks they’re playing chess. But it ain’t chess, it’s hungry-hungry hippos… on meth… while blindfolded. Let’s make America great again! Yeah, by strangling it with a tangle of dumbass tariffs, rusty supply chains, and half-assed TikTok foreign policy. If ignorance was a sport, these guys would be freaken Olympic gold.
You know what’s funny? They say copper’s got a Ph.D. in economics. Which is good, because no one in Washington does. I mean, if Trump was a surgeon, he’d walk into the O.R., cut off your head and go, “Good news, folks, the cancer’s gone!” And then he’d sell your skull to Mexico with a 50% tariff, unless they say something nice about Israel.
"And it was the absence of internal trade barriers — between California and New York, for example — that created the world’s largest free-trade zone and made the US such an economic powerhouse in the first place."
-
"It jacked up the nominal cost of American labor and US exports — making them less attractive to foreign markets. And it made dollar credits so readily available (with lower interest rates) that Americans could buy what they wanted from abroad rather than making it themselves."
"This (the 1971 removal of $ ties to gold) had two pernicious results. It jacked up the nominal cost of American labor and US exports — making them less attractive to foreign markets. And it made dollar credits so readily available (with lower interest rates) that Americans could buy what they wanted from abroad rather than making it themselves."
Can someone please explain this to me? My understanding is that, as the dollar lost nominal value, so too did the other currencies of the world. So yes, the nominal cost of American labor rose, but so did labor costs in other nations, didn't they? Likewise, wouldn't the cost of their goods we imported increase in nominal costs as well? Did the dollar depreciate against (nearly) all the other currencies, making imports cheaper to Americans? But since all fiat currencies revert to zero, why wouldn't the other currencies also have depreciated? Is there a chart of the constant value of the dollar vis-a-vis all other currencies, since 1971? Help me, someone....
I've been asking a variant for months - if the dollar's "value" is dropping and there are more of them floating around, wouldn't the "price" (value?) of equities appear over-inflated? Like your comment, this concept seems pretty straight-forward. However, if applied it would soften the "End of the World" narrative, so....
Yes government has a useful purpose. But that purpose is not to be involved in the economy. You and I know how to be in a free market system. I agree completely with Your comment here. Not that My words mean anything or carry any weight. Thanks Jimm.
Well, it seems to me that The Deep State, the 1.5%, plan everything. Remember Lockheed? You can’t make the gigantic investments in production without being assured of a market. International Corporatism is central planning.
What is China? It is a work and wonder; I buy small things, intricately designed, remarkably efficient, cheap. It seems they have real entrepreneurs that they have discovered the art of central planning and individual initiative.
Their fruits are outstanding. Maybe they are smarter, less corrupt.
Any successful system is only as good as the people running it. Look around, Americans, high to low, are a disaster.
Europe is a disaster. Soon,Bill is going to be forced to rethink Ireland and France.
Isn't this the same crack pot idea that allowed you to make your millions?
The first was the one we’ve been tracking for many years — the 1971 switch from real money, tied to gold...to fake money, with nothing to connect it to the real world of goods and services. So far, this new dollar — not supported by anything other than the untrustworthy full faith and credit of the US government — has lost 86% of its value.
Just as the following statement is true, your ambitious attempt to return things th the way they were, are reminiscent of Putin trying to rebuilt the Soviet Union.
For the life of me I don't see what is wrong with trying new things, when the old ones are failing miserably. AS your MAX SAFTY MODE is quick to point out. You cannot have it both ways BB.
"Over the last six months, the US has left behind the global trade order that persisted for decades in favor of something drastically different and largely untested. "
"Over the last six months, the US has left behind the global trade order that persisted for decades in favor of something drastically different and largely untested. "
Today I am going to put on a hat that I do not like to put on. This hat is "Fiction." The story I want to share with You may be fiction or it may not be. TDS Versus TDS. Maybe. Please do not accuse Me of not being correct in writing as I continue with out paragraphs. One day Donald says to His entourage , boys and girls, not that He disrespects them, He knows that they are all Ladies and Gentlemen. I hear that there is a big beautiful golf coarse in Scotland. I would like to go there and play a round of golf. Who would deny a 79 year old a round of golf. Not to worry about who will pay , I will put this in USA citizens dime. Make it look like I am going on business and Talk to Ursula of the EU and We can come up with a deal. A trade deal, that is . Now Donald says He has a deal , we know some detail , like EU must spend a bunch of money to buy product from one of My favorite industries of the USA . The Armament industry. Because I am a Peace President. Among other things in the Trade deal are other dollars. Now He says and the EU say they have a deal . Where are the details? Has either side signed on the dotted line? The EU can pull out as so can The USA. Remember this is a story of fiction. Maybe yes, maybe no. Thanks for allowing Me to write.
Sorry I forgot to add that 15 percent will be added to the EU trade deal. Yahoo USA citizens , We will live hi on the hog for a while. Well maybe not , I want to build a 200 hundred million ballroom at the Whitehouse cause We "need" it..
The money from tariffs. Why not spend it on debt. But what do I know? Sorry , Money from MR. T. and private donors. Only thing You as the tax payer will have to do is look after maintenance and the usual stuff that comes with "owning" buildings.
After reading some of the comments I actually went back and re-read the post. It seems to me that Bill is only highlighting the folly of central planning. Am I wrong? Or must we believe that while central planning is usually bed, it's OK when Trump does it?
Tim, fail to see how you got that conclusion from Bill's missive today. My take - tariffs never work, fiat currencies eventually fail (as we are seeing if the US$ plunging 86% since 1972), and world trade is rapidly changing and will punish us peons/minions here in the good ol' USofA. But do the politicians and neocon care - not a bit, not one single bit. The U.S. clearly is not the world's hegemony anymore but ol' Trump wants to be King and has less diplomacy than a mafia boss. And, the really folly is - what would our national debt be if (and it is a BIG IF) the U.S. hadn't interfered in Korea, Vietnam, Iraq (you get the idea) and hadn't put over 800 military bases outside the U.S. Does anyone actually think that has made America safer? Such hogwash.
Every other world currency has plunged by 86% since 1972 so what's changed?
Actually, Clem, most fiat currencies have plunged more! As the o' sayings so - the US$ is the best horse in the clue factory. That isn't good from a peons point of view. It just means our currency doesn't suck as most of the world's. Does that make you feel good? I hope not. If you are 109 and on your deathbed - who care? But, if you are here rumbling around ol' Bill's comment page - probably not. The world is changing fast. It isn't a slow slip into the bog of the swamp - it is a dive. Wake up and smell the sh*t. Yes - the phrase is actual wake-up and smell the rose, but there are no roses to smell.
...the concern is BRICS.
Trump has made it clear maintaining king dollar status is mainstay.
Turbulence can be expected... as BRIC countries do not want to play the same game.
-
Which posits the question - which side are you on?
Angry, and the name fits you so well, does it matter? Us minions/peons that roam Bill's comment page are not going to make a difference about anything. Zero, Zlitch, Da Nada! So, here we come daily to bitch or support ol' Bonner and he keeps collecting his due through our subscriptions like the Sophists of Athens. TDS vs TDS - doesn't matter. There is no difference to be made here!
...not sure the name fits me as well as you.
Your comments are negative rants lamenting the current administration.
Thats all...
And now you toss in hopelessness...
-
There is a difference to made here in opining opinions and personal knowledge gained.
Perhaps that's why you are in fact still here despite your dismissive rants...
Thank you, ANGRY, you made my point for me! Such a horrific case of TDS! I am just smilin' and smilin' and smilin'. How did you escape from Jonestown again?
Guess... from where I escaped...
Jonestown, PA?
Jonestown, Guyana?
or your Jonestown where they spend all day jonesing about Trump?
well well well, that is the first thing you have said that I can agree with 100%. Bravo!
Well, Stiff, it is August and a new month. As been said before: The only Constant is Change. We all need to Smile a bit more and Carry-On!
I enjoy the back and forth, up and down, and circular commentary. For me I would prefer to keep the smorgasbord of thoughts and opinions going (Im not looking for agreement here with mine).
Personally I enjoy having MY thoughts and opinions challenged. If it’s okay with you can we hold off on the SHOOT OUT AT THE OK CORRAL until we get bored with this later (and then choose sides)? Your thoughts?
What are the options?
AI The dollar is Humpty Dumpty. “All the Kings men can’t put it back together again. Maybe, Alexander Hamilton could.
...and you know what is going to replace it right?
I’m with you on 95% of your points made. I’m just not sure on the tariffs issue. It totally makes sense that they don’t often work, but “never” is a high hurdle. We’ll see.
Tim, from my viewpoint (and, of course, I have my own beliefs) all tariffs do is put a "tax" on us consumers. The exporters don't pay the tariffs - they are passed on to us peons through higher prices. Just like the other day in Powell's speech - the CPI index was only 2.7% but, if you were paying attention, the CPI he quoted did not include food and energy. Go look it up - the Feds did NOT include the increases in food and energy in their CPI calculations because they were "too volatile". You can't make this stuff up. So inflation is only 2.7% - except for us poor peons it is much higher since we all eat and we all use energy. Tariffs aren't leveling the playing field or fixing imbalances in trade (by the way caused by the U.S. corporations sending manufacturing overseas) they are a tax. Such hypocrisy. And, the crap about bringing back manufacturing to the U.S. - yep, more BS. Why, you say? Because it won't bring back jobs for the middle and lower class. Yes - it will bring dark factories full of robots working night and day. Us peons - not such a win. Enough of my diatribe. Here's to August!
I don’t know if it will bring back jobs. I wish we’d had this discussion when I was in my twenties. I knew EVERYTHING back then.
Tim, that is spot-on. Life is short and the vast majority of "stuff" we have no control over. I can't remember what philosopher said - "The only thing we can control is our thoughts". It is 5 o'clock somewhere - so I think I'll have a glass of wine.
IMO - Today's missive is more like floating on a leaky inner tube of "Central Planning Bad" (and yes, it is) while bobbing in a sea of Trump Hate - SSDD. (Same Sheet, Different Day)
It's all about Perspective - to decipher Bonnerese, it's REALLY simple. Understand that each article uses a well-worn Thesaurus to publish the same fear-inducing screeds that get vomited out every day, and be sure the Panic Button message is built on an Irrational Foundation of how lame, stupid, corrupt, ignorant, unskilled, naive, unqualified, unsophisticated, dishonest, etc. Trump is.
What's the Over/Under on how many days until Bill has to add LUCKY to that list? Based on early returns of July Economic News and Numbers, I'd say we're already there....
I was kind of thinking along the same lines. Bonner seems to write a reasonable column today, but I remind myself of how he exaggerates or distorts information about Trump to make him look as bad as possible. Bonner has lost so much credibility with me, I am skeptical of just about everything he writes, especially when Trump is involved. He complains about Trump tariffs, then complains again when Trump reduces them. Although, I do have to acknowledge that Bonner may have a point in his description of why manufacturing has left the US - destruction of the value of our money and the consequences of that.
...U.S. manufacturing went off-shore due to greed (profitability).
Trump is merely trying to put the greed back into on-shoring...
The US consumer loses as long as trump continues implementing his punishing policies.
Foremost, he's effecting a tax on the US importer the burden of which will be reflected in higher prices for US consumers.
And, should he succeed in blackmailing foreign firms to relocate their production to the US, the prices for whatever they make here will reflect the US hourly production costs.
These costs are the highest in the world. Ergo, the US consumer will pay more for the same product preciously made abroad but now made in the USA.
Also odious is the current secretary of the Treasury boasting about the enormous tariff revenue the USG has recently reaped. At no time does he explain the US importer is the source of this revenue
He's perpetuating the misnomer that foreign firms are paying our tariffs. Instead, he should be worried that trump's tariffs may very well slow down trade with America
There's just one huge hole (or omission) in your analysis. Which laborers benefit from all the jobs that are created and/or maintained with those higher production costs? I'd rather have Americans busy producing than needing to be subsidized by government.
"𝘐𝘯𝘴𝘵𝘦𝘢𝘥, 𝘩𝘦 𝘴𝘩𝘰𝘶𝘭𝘥 𝘣𝘦 𝘸𝘰𝘳𝘳𝘪𝘦𝘥 𝘵𝘩𝘢𝘵 𝘵𝘳𝘶𝘮𝘱'𝘴 𝘵𝘢𝘳𝘪𝘧𝘧𝘴 𝘮𝘢𝘺 𝘷𝘦𝘳𝘺 𝘸𝘦𝘭𝘭 𝘴𝘭𝘰𝘸 𝘥𝘰𝘸𝘯 𝘵𝘳𝘢𝘥𝘦 𝘸𝘪𝘵𝘩 𝘈𝘮𝘦𝘳𝘪𝘤𝘢"
He also sidesteps the FACT that 𝘄𝗲 𝗵𝗮𝘃𝗲, 𝗯𝘆 𝗳𝗮𝗿, 𝘁𝗵𝗲 𝘄𝗼𝗿𝗹𝗱'𝘀 𝗹𝗮𝗿𝗴𝗲𝘀𝘁 𝗣𝗼𝗼𝗹 𝗼𝗳 𝗖𝗼𝗻𝘀𝘂𝗺𝗲𝗿𝘀 𝘄𝗶𝘁𝗵 𝘁𝗵𝗲 𝗺𝗼𝘀𝘁 𝗗𝗶𝘀𝗽𝗼𝘀𝗮𝗯𝗹𝗲 𝗜𝗻𝗰𝗼𝗺𝗲. THAT obvious fact is what drives all the other Countries to Trump's Tariff Table (kicking and screaming in some cases, but they still MUST come) - the world needs US WAY more than we need them, and that is the bottom line re. Tariffs. It's also why the America-Lasters squawk so hard and so often against them, even though the doom-and-gloom they swear by has yet to emerge. At their heart is the Hatred that America is the Big Dog on the world's economic stage and Trump understands that - then he uses it to our advantage. Drives them doubly nuts....
Of course, we all want a vibrant economy where jobs are plentiful and consumers are never satiated.
Tariffs are not conducive to either. They are a tax. The more you tax something, the less of it you get.
Solution: Let low cost sources produce the low cost items.
Let our captains of industry ensure Made in the USA means high quality and cutting edge.
.. So that's why 2025 exports are at a record high!
I think it's far too early to conclude the effects of the tariffs.
-
China has maintained a trade surplus since it joined the WTO in 2001.
They operate a socialist economy; the Chinese gov't subsidizes industries and has a hand in the settlement.
Most countries not only apply tariffs but include VATs.
The gov't effectively operates by reward or punishment.
Seems your lament is that it is punishing sectors you favor - imports.
You don't express any love for the giddy exporters.
I agree, this is far from perfect, however it's better than status quo.
-
Either the U.S. consumer pays direct higher labor costs that return in the form of tax revenues for the domestic economy, or continue paying trade deficits that favor foreign concerns, you tell me which you prefer...
Angry -- I prefer neither choice you've posited.
Each presumes tariffs are beneficial correctives to dastardly foreign firms exporting their VAT-infused but predatory-priced goods to us.
Tariffs are a tax. Yes, the higher the tax, the more the revenue for the government imposing the tariff.
But, the higher the tariff, the higher the cost to the consumer. And, the more costly the tariff punished product becomes, then the fewer units of it are purchased.
The winner? The government imposing the tariff. The loser? The consumer.
The ultimate solution: While eliminating tariffs, begin reducing government spending gradually but deliberately thereby slowly but assuredly restoring the purchasing power of the dollar.
It's called The Price Elasticity of Demand. The exporters are eating much of the cost. They will or they will cease to be exist. American consumers will certainly eat some of the cost as well. You fail however,
to acknowledge that with these trade deals I have two sides. Are manufacturers get fairer access to foreign markets. The employees, Investors and other stakeholders in american companies will benefit.
Who knows? What do you think the impact of seeing American automobiles in Japan might be? How about some F150s in Germany? All illegal today and yet their cars flood our markets. Look at full sides of the ledger.
I love price elasticity. But I don’t believe it’s a lens through which tariffs can be evaluated.
Nor do I believe imposing tariffs on every country on this planet is a boon to world trade
As for opening doors for US made cars to be sold in Japan and Germany, that’s a task for the USTR (US Trade Representative, our trade negotiators. Their office is steps away from the White House).
Mr. Gallien, Also, heavy regulations on domestic business by fed. govt. bureaucrats since Pres. Clinton's time were another problem that chased manufacturing overseas.
TDS vs TDS. We each have our opinions and they are the basis of our beliefs. Simple. History is on one side and Kool-aid on the other from this ol' man's perspective. At least still here in the good ol' USofA, you can believe, out loud, what you want. Doesn't necessarily make you right - except in your own mind. I stand with Bill. Just one question - if you despise Bill so, why are you still here?
You "out" yourself, Ol' Man. I don't "despise" anyone - and the fact that you think disagreement with provable lies and pointing out gas lighting/ half-truths coming from our host equals Hate says way more about you than anything I write. You claim to be just happily strolling along in the middle, yet accuse me of Hating when all I am doing is pointing out Truth and Reality.
Hmmm - which group of people in today's America consistently twist what they don't agree with by calling it Hate, or Racism, or Homophobia or on and on? My Way or the Highway of Cancellation - and people like you call people like me the Fascists. How overtly Ignorant.
But please, keep going...
Ol' Edge - you are quite the philosopher. LOL! Really? Your "TRUTH" is real and anybody that disagrees is just "hateful"? Is that your view? Really? You have a huge sickness called TDS - and, I'll help you out there - TDS is Trump Devotion Syndrome. Unbelievable! Keep drinking the Kool-aid! Just makes me smile and chuckle. Thank you - hard to believe some are so TDS.
Glad I can keep you entertained, Ol' Man. It's so vitally important to me...
PS- You're starting to sound a bit desperate - just like the rest of the leftardes. Bad news, buddy. The tide has turned and it's a new day in America. Lies, Corruption, Hatred and Manipulation are on their way out. Better change your playbook....
OL jc...James Comey, Was walking along the beach and found a interesting collection of sea shells. 8647. The Ol hater saw a similar collection of seashells. Unbelievably, there in the Ol, wet carpet, they miraculously spelled out. 86SE.
Meh. I've been hated worse by better....
Dan and Tom.
Perhaps I'm sympathetic to Bill's position because I find Trump, like almost every president in the last 50 years disappointing in some very important ways. And I refuse to accept "but Kamala/Biden would have been worse." That's a VERY low standard.
A valid standard none the less.
Yes brother Starboard, Crackpot Economics, Crackpot Commentators, Crackpot old men and Crackhead democrats. America is full of these demented 💩heads. Don’t waste your time trying to help these most demented of society. Let them melt down and burn the cities they live in. We will be there to clean up the mess when it’s all over and put them all where they belong. In the meantime, sit back, enjoy the show with a nice cigar, bourbon and buy the dip:)
Just a note today, nothing to do with the conversation. I read that the Ethereum crypto is on the rise. Any comment?
Yes brother Don, it’s been on the rise since it’s inception! If we follow past cycles, we are at the end of the forth cycle. Next year we should start crypto winter and that last about a year. It’s where all cryptos drop and stagnate for months. Good time to buy. Do your research and learn as much as you can. You can make lots of money if you know how the market moves. Good luck 🙏
Thanks, I forgot about the cycle thing.
Yea, up 50% in 30 days.
That is quite a rise! Just from what I know it seems that Ethereum is a "better: deal . Might be wrong as I have not read enough about it.
It was a surprise to me. Might be like buying a cheap stock just because it’s cheaper than say Apple.Someone told me Etherium was the second choice behind Bitcoin that was 2013.
OK, so Trump is the only President since 1971 that failed to understand the effect of moving off the gold standard. This is getting old. That policy decision was made 54 years ago. It is only going to change by some type of catastrophe. I guess Biden and Obama had it all figured out, right Bill. If Trump announced today that the United States was going back to the Gold Standard, you would write for three months, that he doesn't know what he is doing. He has shaken things up more in 6 months, than those other bozos did in 12 years. For God's sake, Biden didn't even know how to get off a stage, and Obama is as slimy as the Clintons. The next thing you are probably going to say is that you think AOC would be a great choice for our next President.
Your entire comment seems non sequitur. The reality is we have voluntarily imposed a flat tax on most AMERICANS. It will have a disproportionate negative effect on the lower 70% of households. The real question is what will be the long term (next 36 months) economic consequences. Perhaps a Great Depression II or devaluation of the USD by 50%. The upside is hard to visualize. How is the next economic boom funded when there are no solvent creditor to borrow from.
Here's a conundrum: Mr. Bonner has allegedly bet all he has on The Big Loss. His whole schtick, I mean program, is based on The Big Loss: "The Big Loss is real; I, and only I, understand it. Let me help you avoid it. Buy my program." Yet he rails against everything that he claims is bringing on The Big Loss. I don't think The Big Loss needs any help from Mr. Trump, Mr. Bonner, or anyone/anything else. It's there, lurking, proper policy or no. It seems to me that what Mr. Trump is trying to do is find a way to keep Mr. Big Loss at bay. It's possible Mr. Bonner sees that, too, and is annoyed. Best always. PM
PM, I've been reading the "doom and gloom" crowd since the late 70s. Most of them are free market advocates which Bonner is also (albeit with a case of severe TDS). Much of their analysis seems reasonable. However, in one sense, I can ask - we are all still here, so where's the gloom and doom? But in another sense, we can look at the inflation and high interest rates of the 80s, the dot.com bust of the late 90's, early 20's, the sub-prime debacle of the 2008's or so, the decimation of the value of our currency, the huge increase in government and private debt, and it is not unreasonable to believe that the final financial disaster is at our doorstep. BPR may not be the best messenger, but....
Brother John, My entire economic experience reads like a Kafka novel: if you accept the ridiculous, initial premise, it all follows logically. By 1980, I was married, had bought my first house, had experienced 2 oil shocks, inflation was going nuts, and I had a newborn in the home, along with cars, dogs, and pressure. I could not afford to make a mistake, or so I thought. I was motivated. Out there, I came across 2 books. One was Jerome Smith's excellent exposition on gold-backed and Austrian (von Mises) School economics, "The Coming Currency Collapse" and the other was (don't laugh) Howard J. Ruff's "How to Survive the Coming Bad Years". Already a half-ass coin collector, I started buying junk silver when cash allowed at $5-to-$1. These two guys were both right as rain, IN A TEXTBOOK, CLASSIC SENSE. The problem is/was that this "economy" thing is fluid as can be and built on shifting sands, with kick-the-can options nobody ever dreamed possible before the dollar was allowed to float (Nixon closing the window). Gary North is another guy I got to following, economically that is. I became a hard-money, small-government man. You can imagine my frustrations over the years! I've been waiting for the collapse just as hard-core Christians are waiting for the return of the Savior (nothing wrong with that, mind you, but it has been a wait). I read Samuel Beckett's "Waiting for Godot" in grad school. I know all about the "wait". So, like the big liar from Arkansas, I got good at compartmentalizing: I had to manage my preparedness, while also trying to take care of opportunities at hand. By the time the dot.com mess rolled around, and with 5 kids getting ready to start college, I got out of both enterprises and have been living on my wits ever since. I'm still a hard-money, small-to-no government man, but I don't really care all that much at this point, coming up on 73, owning my bolt-hole house, still married to the same gal, all 5 kids successful and happy, and not really giving a Rhett Butler damn. President Trump, for all his faults, is the only guy, other than George Wallace and Pat Buchanan, who fought back against our criminal government. Sorry for the "book", but I wanted to give you context, as I consider you one of the pillars on this forum. Many thanks for the reply. Best always. PM
Thanks for the words of Your life. Now I can see where You actually came from, besides "Mommy". Helps Me to see some of the "rants". Then I can make sense.
Loved your reminiscing. In terms of economics, I went through some similar experiences. Reading Atlas Shrugged in 1973 was a watershed moment for me. I then read just about everything Ayn Rand wrote which led me to Austrian economic thought and some of the names you mentioned. While the whole house of cards hasn't collapsed yet, we've had some pretty severe shocks. Hopefully, Trump can make the course corrections he is in the process of implementing before it's too late (deregulation, bringing back manufacturing and production to the USA, energy production including nuclear). I always look forward to your posts as well as SE and some others. It gives me hope that there are still rational people out there that can think logically. Thanks for sharing.
I think I have told you before that Ayn Rand's thinking is wonderful, and her ideas are straight, but a story can be told in fewer than 800 pages. Some gal trying to make points with me in 1972 handed me "Atlas Shrugged", saying I should read it, as she considered me the embodiment of Hank Riordan. As you can imagine, I was excited to read the book, but I struggled through it. Best always. PM
Bonner-Stansberry have been predicting the big loss for 20 years. They are closer to it than ever, not alone anymore. Yet Bonner hates Bitcoin.
Brother Xave, please don't miss my reply to John Gallien above. I'm just too lazy to repeat it. Specific to your point, I have given both Bonner and Stansberry lots of subscription money, and don't leave out Doug Casey. I like them all, and they are always right in theory, except Bonner has gotten too preachy for me. Best always. PM
They are all mesmerizing in a different way. I read that Ruff book; I bought a farm; I was in ag co-ops in Peace Corps.
Like “East of Eden” there is always a way to make money: knowledge, luck or providence. 1980, high interest rates were good to me, I was able to build a house.
When I left the farm, my sister gave me a subscription to Investors Business Daily; I learned Bill O Niel’s method. It worked, if you added 12 hours a day. It taught me to prevent the big loss by selling looser and the bigger loss by getting out, in the short term corrections which could become large and buying opportunities, if you had capital. The dot com was a fling, out for the crash, the mortgage crisis I was on a sailboat and lost 70% of my money,and Covid I was in for a bit and out before the mkt sold. I learned long term is best, if you pick good stocks, I bought my mother Intel and Microsoft in 1986; the broker thought I was crazy.
The game has changed, computer trading; you have to wonder if there is a market, that’s why it keeps going up, very few stocks. You can never bet against Americans, a lot of latent energy and transforming technology. I buy gold for protection and Bonner is right, if you bought gold in 1971, you probably beat the market which means you stayed in the same place. I don’t know what holds it all up.
Trump is turning out different, a little scary, we need different.
I would never buy too much Bitcoin but I wish I would have held onto the one I paid 5k. If the $ failed, what else is there? One could be a sound retirement.
I don’t much care about money; my needs are few; I save for my daughter that she can always have a house. If God wanted me rich, I would be rich. I am rich in many ways. I have you beat; I am 83.
You are probably the closest thing in this group to a mystic. Rich and wealthy are often two different things. I think you ARE rich! Experience is priceless. We do pay a high price for it. I call it "tuition in the school of life." The primary theory and keystone of my faith and the post-mortal existence, so-called "afterlife", though I believe life is a continuum, pre-mortal, mortal, and post-mortal, is that upon dying, we receive perfect understanding. To me, that is true equality. Best always. PM PM
I also have to thank all You elder folks. Your knowledge and wisdom are earned , not given to You on a silver platter. I am learning , also in My elder Years that past time was not wasted . Just that , as I keep telling My grand children , experience is the best teacher. I could talk and talk to them , but the experience will teach them that My words are true. Thanks all You elders out there.
Brother Xave, did you ever see the movie "Major League"? "We're outta towels, and I'm too old to go diving into lockers." That pretty much sums up my position on Bitcoin. I have nothing against it, but it's too late in the game for me. I got out of "investing" right before the dot.com bubble burst, and I don't intend to go back. I hope you make a killing in it. Nothing would please me more. I always rejoice at success of my friends, and I consider you one of the good guys. Best always. PM
Good job Bill showing restraint! I know it took everything you had to not DIRECTLY call the President T.A.C.O. You did say it in every other way possible. Common sense, which I question if you have anymore, requires you to shoot for the moon in a negotiation. Then work backwards if needed. Also, using the NY times for ANYTHING of value continues to be foolish. However I'm still pulling for you to get the job there! Maybe you could take over for Kessler at the Wash. Post. You would be fabulous at "fact checking"!!!!!! On a friendly note, enjoy the wedding.
Kirk, here I can help ya. Trump the TACO Clown and he is getting better and better at being the TACO Clown. Unfortunately, other than that - the guy is a disaster! Feel better now.
Really?
... you miss Biden?
Thank you, you seem rational
The tariff fiasco is in great part an effort to retain king dollar.
Trump is the first President to do something about BRICs
...and here you are stating Ol'LSO "seems" rational.
One struggles with ol' Bill depending on what TDS one has. TDS vs TDS - both have issues and the only constant is change.
Hmmmm - just keep reading his posts....
Sorry, let me redo my previous comment. Thank you, (SARC) you seem rational!!!!
He is not reading your responses. BACO anyone?
More of Trump destroying America - right, Bill?
https://x.com/profstonge/status/1951244017599213781?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1951244017599213781%7Ctwgr%5Eeb7b4f0c0d9f79041ad9813371eb667c43406421%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.whatfinger.com%2F
Great video.
Bill-there has been 5 world currencies since the 1400’s. Each one has lasted between 80 years to most at 110 years. The dollar has been in existence close to its end. I am not surprised that the dollar has been losing value yearly. I truly believe that the dollar is doomed and we will have another currency for trading in world economics. Of course, what it will be no one knows. It could be crypto, it could be a new form of money from the IMF, or ???. I hope the new money is tied to gold which has been money for thousands of years. Trump is trying something new because nothing has worked in many previous administrations. Only time will tell if what he is doing works. Everyone criticizing Trump is just guessing. You can criticize one year from now if what he is doing does not work. Who knows maybe a level playing field could work.
Level , Yes but doubtful from My side of the ledger. Just My opinion which means nothing!
Okay, after reading Bill’s morning magna carta its apparent he has all the answer. Bill since that is the case how about we put you in the white house. Im sure in 12 months or less, the debt will be gone, wars will dissapear, military size reduced, rouge nations tamed, terrorists eliminated and world peace a given.
The government has decided to play God… again. Only this time, instead of parting the Red Sea, they’re jacking up copper tariffs and trying to resurrect 1930s protectionism like it’s a freaken deleted scene from Oppenheimer. Yeah, real “Art of the Deal” sh*t, huh? You wanna fix the economy Mr. President, well you don’t slap tariffs on copper you Jackwagon! That’s like putting a diaper on a nuke and expecting it to stop crapping explosions!!
This administration thinks they’re playing chess. But it ain’t chess, it’s hungry-hungry hippos… on meth… while blindfolded. Let’s make America great again! Yeah, by strangling it with a tangle of dumbass tariffs, rusty supply chains, and half-assed TikTok foreign policy. If ignorance was a sport, these guys would be freaken Olympic gold.
You know what’s funny? They say copper’s got a Ph.D. in economics. Which is good, because no one in Washington does. I mean, if Trump was a surgeon, he’d walk into the O.R., cut off your head and go, “Good news, folks, the cancer’s gone!” And then he’d sell your skull to Mexico with a 50% tariff, unless they say something nice about Israel.
"And it was the absence of internal trade barriers — between California and New York, for example — that created the world’s largest free-trade zone and made the US such an economic powerhouse in the first place."
-
"It jacked up the nominal cost of American labor and US exports — making them less attractive to foreign markets. And it made dollar credits so readily available (with lower interest rates) that Americans could buy what they wanted from abroad rather than making it themselves."
-
So...which is it?
With respect to this paragraph:
"This (the 1971 removal of $ ties to gold) had two pernicious results. It jacked up the nominal cost of American labor and US exports — making them less attractive to foreign markets. And it made dollar credits so readily available (with lower interest rates) that Americans could buy what they wanted from abroad rather than making it themselves."
Can someone please explain this to me? My understanding is that, as the dollar lost nominal value, so too did the other currencies of the world. So yes, the nominal cost of American labor rose, but so did labor costs in other nations, didn't they? Likewise, wouldn't the cost of their goods we imported increase in nominal costs as well? Did the dollar depreciate against (nearly) all the other currencies, making imports cheaper to Americans? But since all fiat currencies revert to zero, why wouldn't the other currencies also have depreciated? Is there a chart of the constant value of the dollar vis-a-vis all other currencies, since 1971? Help me, someone....
Hi D.R. -
I've been asking a variant for months - if the dollar's "value" is dropping and there are more of them floating around, wouldn't the "price" (value?) of equities appear over-inflated? Like your comment, this concept seems pretty straight-forward. However, if applied it would soften the "End of the World" narrative, so....
I would if I was an economist of the practice from the school of Austrian economics.
The correct answer is Free Market; no government apparatchik price meddling.
However, I do support government NTB's pertaining to safety and to copyright law
Yes government has a useful purpose. But that purpose is not to be involved in the economy. You and I know how to be in a free market system. I agree completely with Your comment here. Not that My words mean anything or carry any weight. Thanks Jimm.
Well, it seems to me that The Deep State, the 1.5%, plan everything. Remember Lockheed? You can’t make the gigantic investments in production without being assured of a market. International Corporatism is central planning.
What is China? It is a work and wonder; I buy small things, intricately designed, remarkably efficient, cheap. It seems they have real entrepreneurs that they have discovered the art of central planning and individual initiative.
Their fruits are outstanding. Maybe they are smarter, less corrupt.
Any successful system is only as good as the people running it. Look around, Americans, high to low, are a disaster.
Europe is a disaster. Soon,Bill is going to be forced to rethink Ireland and France.
Isn't this the same crack pot idea that allowed you to make your millions?
The first was the one we’ve been tracking for many years — the 1971 switch from real money, tied to gold...to fake money, with nothing to connect it to the real world of goods and services. So far, this new dollar — not supported by anything other than the untrustworthy full faith and credit of the US government — has lost 86% of its value.
Just as the following statement is true, your ambitious attempt to return things th the way they were, are reminiscent of Putin trying to rebuilt the Soviet Union.
For the life of me I don't see what is wrong with trying new things, when the old ones are failing miserably. AS your MAX SAFTY MODE is quick to point out. You cannot have it both ways BB.
"Over the last six months, the US has left behind the global trade order that persisted for decades in favor of something drastically different and largely untested. "
"Over the last six months, the US has left behind the global trade order that persisted for decades in favor of something drastically different and largely untested. "
'Bout Time...
So why not put 2 -4 % of liquid assets into Bitcoin?
Today I am going to put on a hat that I do not like to put on. This hat is "Fiction." The story I want to share with You may be fiction or it may not be. TDS Versus TDS. Maybe. Please do not accuse Me of not being correct in writing as I continue with out paragraphs. One day Donald says to His entourage , boys and girls, not that He disrespects them, He knows that they are all Ladies and Gentlemen. I hear that there is a big beautiful golf coarse in Scotland. I would like to go there and play a round of golf. Who would deny a 79 year old a round of golf. Not to worry about who will pay , I will put this in USA citizens dime. Make it look like I am going on business and Talk to Ursula of the EU and We can come up with a deal. A trade deal, that is . Now Donald says He has a deal , we know some detail , like EU must spend a bunch of money to buy product from one of My favorite industries of the USA . The Armament industry. Because I am a Peace President. Among other things in the Trade deal are other dollars. Now He says and the EU say they have a deal . Where are the details? Has either side signed on the dotted line? The EU can pull out as so can The USA. Remember this is a story of fiction. Maybe yes, maybe no. Thanks for allowing Me to write.
Sorry I forgot to add that 15 percent will be added to the EU trade deal. Yahoo USA citizens , We will live hi on the hog for a while. Well maybe not , I want to build a 200 hundred million ballroom at the Whitehouse cause We "need" it..
Do you know who is paying for the Ballroom, Don?
As usual, you've been given less than half the entire story...
The money from tariffs. Why not spend it on debt. But what do I know? Sorry , Money from MR. T. and private donors. Only thing You as the tax payer will have to do is look after maintenance and the usual stuff that comes with "owning" buildings.
And now, a counter-point to Mr Bonner, et al:
https://open.substack.com/pub/coffeeandcovid/p/thinkable-friday-august-1-2025-c?r=12ghgx&utm_medium=ios
More and more reasons to bring back Biden and Harris. And perhaps cryogenics.
When you are a hammer, everything looks like a nail.
Tru dat