How will America’s confrontational, scaremongering attitudes affect our financial future? The age-old combination of war and debt are likely to be fatal to the empire and to US asset values.
Bill Bonner loves to decry excessive costs of "empire", attributing the $35 trillion cash deficit known as "The Debt" to our empirical folly, and rightly so. Still, he writes/utters nary a word about the Welfare State, which costs just as much or more, and which has contributed to the undoing of our society via dis-incentivization of the populace, particularly targeted demographic groups. It is every bit as immoral as "empiring", and it bestows a status of indispensability of the government in the eyes of the recipients, now more than 50% of the population. Solomon might say, cut each by half and fix the hash of both in the process. Best always. PM
I'd love to see him move to China and start a column criticizing the CCP whenever he disagrees with them. Maybe then he'll see the difference between CCP and the Republican party. Granted, not much difference between the CCP and Democrat party - or, I should say, what the Democrat party aspires to be. They're not there yet, but if they win the next election, they will take a big step forward in that direction.
I think the Democrat Party is there (as in achieving their aspiration). The question is whether or not they can drag the entire country to where they want to take it. I think you're dead right, we're only one election away and it's only about 100 days from now.
Well said and succinct regards the Democrat Party & aspirational closeness.
There is at least one substantive and material obstacle in the path to the DP’s achievement. Namely, their tactic of subverting language. Their construct of the term democracy obscures the meaning of American principles.
The writers of the Constitution were anxious to safeguard “liberty”
against democracy; which Edmund Rudolph, delegate to Constitutional Conventions wrote eloquently about.
That is absolutely true. I've said on here many times that the Founders hated democracy because it always devolves in mobocracy. The other telling thing is that we rarely, if ever, hear a Democrat utter the word "liberty". That concept is like a crucifix to a vampire.
Whether they're "there" (and I believe they are) is only a formality; it's the only way it can go. Tytler says it always ends in dictatorship. The only variables are how long it takes and how violent, if at all, it will be. I hate to sound like a broken record, but government is the problem. All government eventually goes bad. Best always. PM
Mr. Gallien, Excellent points. Jim Rickards paints a very different picture, by the way, of the so-called Chinese middle-class built by the U.S. industrial base being given them by world elites. Middle-class by what standard? I remember in the late-1990s when criticized for starting this, the elite replied that a strong Chinese middle-class would rise up and overthrow the Communist government. They knew this was a lie. Xi is now Dictator-for-Life. Concentration camps flourish. Surveillance systems flourish. On-line govt. criticism erasure and punishment flourish. Rather than seeming to build up authoritarian Chinese leaders, and cherry-picking a few nutty things said by American reps, Bill could have simply written that the U.S. is the world's No. 1 nuclear power, so no country would dare take it on. So the $300B/year spent would be more than enough. So where's the threat?
And when it comes to the debt, Bill just can't bring himself to blame the folks for so much of these debt-related problems. The elites skim off the top, but the lion's share of this spending goes to prop up jobs. Reduce the military budget from $1.3T to $300B is not easy at all, Bill. Govt. spending is so much of the economy now, and has impacts within the private sector, that large reductions kill jobs of voters. So millions of voters would be quickly unemployed. And this would cause a contagion of job-cutting in the private sector. No elected official can chance this, unfortunately. Only a crash can--maybe--wake up the folks. Bill at least comes at this on occasion with his brilliant true-wealth-building essays. I have not read anyone who can challenge this, because they can't.
I am a retired defense department employee and I can attest how the Military Industrial Complex runs everything. We were getting defective equipment from a major defense contractor and we tried to hold them accountable but were always overrode by higher ups that gave them waivers. These higher ups almost always went on to work for this major defense contractor. The elites always need a boogeyman to justify fleecing us and enriching themselves and their stooges in the media go along. It is sickening.
It might not be so much a question of Democratic or Republican as Democratic AND Republican parties. Shortly after Biden left the race, prominent Hollywood Democrat Andrew Sorkin suggested the party replace him with Mitt Romney...
On defense spending: In addition to the fact that we spend astronomically more than our adversaries, much of what we spend is on boondoggle weapons that don't work; kind of like the Chinese building "ghost cities" and trains no one rides on...
Maybe the best solution to all the world's problems would be no governments at all...
‘Control and Monetize’ is the operating principle of the world’s major powers today. Monetizing typically means theft in all of its forms, from money printing to regulating to creating and maintaining unfair advantages. Take Cybersecurity as one of countless examples. Why are the Hackers of the world regularly welcomed with open arms to the annual Cybersecurity Conference in Las Vegas? They make no attempt to disguise themselves. Quite the contrary. They are VIP guests. Doesn’t require much imagination at all. Cybersecurity is a gigantic, global industry employing millions worldwide. As oil remains the bedrock of the global energy industry, hackers remain the bedrock of the global cybersecurity industry. Monetize it baby, monetize it!
And so it goes. Big Pharma is scurrying to develop new drugs and treatment protocols from the surge in turbo cancers that they created. Monetize it!
Outside of public health the stalking horse for the future Monetizing Golden Globe award is surely Climate Change. There could be no better money laundering scheme for unending trillions than this. The potential size of the cash trough staggers the mind. It makes the warmongers blush. And on and on and on. This is the world that now surrounds us. Buckle up.
The US is a party state also, The Deep State. Kamala Harris was hand selected by Obama. That parasite (Obama) had infiltrated every key branch of the government, FBI, CIA, Judicial, State, and the Pentagon. The Clintons are still grabbing on to get every last dollar they can also. It is so plain to see that everyone in Washington must be playing some role in this tragedy. I guess this is what happens when you elect people that are going to be around another 20 years after their presidency. They can't walk away from the power drug. At least with Joe, the time was limited. Kamala means nothing more than another 20 years of misery.
That sock darning remark had me roflmao. 💯+ good one‼️
Imagine the Tinder right swipes for the prospect who states: “…knows how to use and sharpen double bit axe…” or “…can iron a Mt Everest of laundry…” or “…knows how to brew camp coffee…”
The last woman I know who darned socks was my grandmother. She died nearly 40 years ago. She hated to waste anything. Even then it wasn’t cost effective.
In about 12 years or so, let’s check back here on this channel https://m.youtube.com/watch?v=ncfck8alWuc and see whether or not it matters "Who would fix their breakfasts? Who would darn their socks?"
Frankly, my friends, Bill is spot-on. He is a realist and see things as they are - not as we would like for them to be. You can call him anything you want but that doesn't make him wrong. It just makes you thoroughly uncomfortable when he speaks the truth. America has become a shithole! (Bill says it with elegance and style.) And, the BRICS are going to truly make America understand that "Payback is a Bitch!" Buckle Up, Buttercups!
Well Bill, I think you give the Chinese way too much credit. The new communist empire was 95% built on American business and a bought and paid off American government. Our corrupt business leaders made billions while our whores in Washington made millions off of America’s demise, and now we all whine about this third world shithole they created. Never fear though, because next we could have a honest to goodness legit whore pushing the nation to its final destination. A true DEI or Didn’t Earn It whore who actually slept with filthy dirty men to scratch her way to power. Low IQ and even lower moral standards is the new norm for America’s ruling class. I also think your argument about our military spending is flawed, since it actually creates jobs and once kept America safe. Now we spend one and a half time more on interest payments on our national debt 🤔 yes Bill, the Fatal Blow was struck years ago. Now we must deal with the burial plans, and like everything else our government touches, it’s not going to end well…
Hey brother, how are you doing? Hope this crazy global warming isn’t burning you up down there 😂🤣😂 think it’s been warmer here, even up in the mountains than Florida this year! Anyway it is summertime 😊 hope you’re doing great and enjoying the time we have left 🙏
All is well brother Steve. I've been running the A/C at 64 and keeping the fridge open to stay cool. I hope you and yours are also well my friend.
So flippin' ridiculous - this is my 57th Summer in FLA or other more tropical climes. It's no hotter now than any other year, no matter what the interweb headlines cackle about...
Bill, when comparing the way in which Harris has been elevated to the nomination to the way XI, Putin et al of the totalitarian states have reached their positions, there is a distinct difference. Harris was elevated by virtue of others whereas Xi, Putin et al achieved their positions through some extremely tough political roads. They came through the dog-eat-dog approach and ‘take no prisoners’. Eliminate your enemies ergo Navalny!!
As a result, they are decisive, strong, and uncompromising. They read the tea leaves well and identify threats early and eliminate them.
Harris on the other hand, would simply not know what day it was. Remember her “I haven’t been to Europe” response to the question on visiting the southern border? The thought of her in the White House is truly terrifying.
When push comes to shove the US military will be found to be as least as inept/ corrupt as the Secret Service has just been. DEI and an unlimited budget will work its magic for sure. Check out how well some very expensive hardware is faring in the Ukraine right now. And, like Bill, I am old enough to find the comparison between the final years of the USSR and present day US striking. A rudderless, disheartened, populace and inept and senile "leaders" selected behind closed doors, by a secretive bunch of bureaucrats - and then quite suddenly it all fell apart
I wouldn't be too despondent about US military equipment. Without air support heavy armour is a sitting duck. My take is that the Ukrainians have been given enough to stay fighting but not enough to win, which is a win:win for the arms business but sucks if you're a Ukrainian male of fighting age.
Or it could be another example of the US being a velvet fist in an iron glove. Unlike the empires that have gone before who funded themselves using the resources of the conquered, Bush et al have been trying to export democracy and import nothing but hatred in return.
China’s economy getting stronger, the US dollar getting weaker, inflation on the rise, recession around the corner, the stock market on the brink of collapse, the Middle East in turmoil, Iran 2 weeks away from a nuclear bomb, (they’ve been 2 weeks away from building a nuclear bomb since the Bush Administration, 😂), riots across Europe, meteorite headed for Earf, Pope condemns the devil, new worthless sanctions imposed on Russia, fighter jets intercepted, Musk is driving a Tesla to Mars, new virus in the air spreading like wildfire, Africa Guerrilla fighters slaughtering innocent populations, CIA Submarine, FBI Scope Vision, blah blah blah blah blah, everything going down the tubes, what else is new? Hahahaha! Go ahead and book your next international vacation cruise John. 🤩
The implication of our government sustaining the full costs for maintaining overseas military bases is that we do not complement the interests of the host countries. If it was the case that the presence of our forces was beneficial, then the host countries should probably be willing to bear the costs. Then, there would be a mercenary basis for their presence rather than a military expansionist profile.
In Oz we are wary of the Chinese claim over the South China sea. Ironically named as they seem now to think that means they own it. Right up to the coasts of all the countries bordering it. When they make these expansions it does demonstrate their desire to obtain advantages over a vast body of water and whatever land they can grab later- maybe. Could be they just need all the marine Life in that body of water to feed their own, after all their own waters are mostly fished out. Or it could be the start of something greater who knows.
What I do know is they need iron ore to build their vast military machine and here in Oz we provide it at a never ending rate.
Seems silly that we might one day to be asked to help defend nations far from our shores, with our own (hobbled) military. Particularly as we provided and continue to provide the means by which the invaders are able to arm themselves. I can never see the day when we don't dig up millions of tonnes of ore and ship it to them. We don't care that much about those neighbours, at least until it's too late.
As a basis for understanding an argument, what right does another country have on The US as it relates to her form of government? The opposing side of that argument is: what right does the US have as it relates to another country's government, religion, culture, etc.? Where do/did/ we get the impression that our oppression/ interference is justified? Internally, how do our elected representatives justify taking our taxes away from us and giving it to foreign countries where we have no interest beyond some vague human attachment? How do our elected officials justify imposing their will on other people and ignoring us? Our country is magnificently FUBARed! Vote, though; it makes a difference.
I’m waiting for your Monday report blaming Israel for the Hezbollah attack that killed 12 Israeli children in Northern Israel. Also, that retaliation will also be Israel’s fault.
The "darn socks" comment represents a society that had little cash. One could not just buy new and go on. There was more time than money and so you used it to get by for another day. When our economy collapses one may wish that they could "darn better".
Bill Bonner loves to decry excessive costs of "empire", attributing the $35 trillion cash deficit known as "The Debt" to our empirical folly, and rightly so. Still, he writes/utters nary a word about the Welfare State, which costs just as much or more, and which has contributed to the undoing of our society via dis-incentivization of the populace, particularly targeted demographic groups. It is every bit as immoral as "empiring", and it bestows a status of indispensability of the government in the eyes of the recipients, now more than 50% of the population. Solomon might say, cut each by half and fix the hash of both in the process. Best always. PM
I'd love to see him move to China and start a column criticizing the CCP whenever he disagrees with them. Maybe then he'll see the difference between CCP and the Republican party. Granted, not much difference between the CCP and Democrat party - or, I should say, what the Democrat party aspires to be. They're not there yet, but if they win the next election, they will take a big step forward in that direction.
I think the Democrat Party is there (as in achieving their aspiration). The question is whether or not they can drag the entire country to where they want to take it. I think you're dead right, we're only one election away and it's only about 100 days from now.
Hi Dave, Mark here.
Well said and succinct regards the Democrat Party & aspirational closeness.
There is at least one substantive and material obstacle in the path to the DP’s achievement. Namely, their tactic of subverting language. Their construct of the term democracy obscures the meaning of American principles.
The writers of the Constitution were anxious to safeguard “liberty”
against democracy; which Edmund Rudolph, delegate to Constitutional Conventions wrote eloquently about.
That is absolutely true. I've said on here many times that the Founders hated democracy because it always devolves in mobocracy. The other telling thing is that we rarely, if ever, hear a Democrat utter the word "liberty". That concept is like a crucifix to a vampire.
Yes, you have been and remain consistent. And salude on your choice of Barolos too.
Will toast you this evening when uncorking the last of my ‘21 Calchaqui Valley Tacana Malbec.
M
"They're not there yet, but if they win the next election, they will take THE FINAL step forward in that direction."
FIFY...
Whether they're "there" (and I believe they are) is only a formality; it's the only way it can go. Tytler says it always ends in dictatorship. The only variables are how long it takes and how violent, if at all, it will be. I hate to sound like a broken record, but government is the problem. All government eventually goes bad. Best always. PM
Mr. Gallien, Excellent points. Jim Rickards paints a very different picture, by the way, of the so-called Chinese middle-class built by the U.S. industrial base being given them by world elites. Middle-class by what standard? I remember in the late-1990s when criticized for starting this, the elite replied that a strong Chinese middle-class would rise up and overthrow the Communist government. They knew this was a lie. Xi is now Dictator-for-Life. Concentration camps flourish. Surveillance systems flourish. On-line govt. criticism erasure and punishment flourish. Rather than seeming to build up authoritarian Chinese leaders, and cherry-picking a few nutty things said by American reps, Bill could have simply written that the U.S. is the world's No. 1 nuclear power, so no country would dare take it on. So the $300B/year spent would be more than enough. So where's the threat?
And when it comes to the debt, Bill just can't bring himself to blame the folks for so much of these debt-related problems. The elites skim off the top, but the lion's share of this spending goes to prop up jobs. Reduce the military budget from $1.3T to $300B is not easy at all, Bill. Govt. spending is so much of the economy now, and has impacts within the private sector, that large reductions kill jobs of voters. So millions of voters would be quickly unemployed. And this would cause a contagion of job-cutting in the private sector. No elected official can chance this, unfortunately. Only a crash can--maybe--wake up the folks. Bill at least comes at this on occasion with his brilliant true-wealth-building essays. I have not read anyone who can challenge this, because they can't.
I am a retired defense department employee and I can attest how the Military Industrial Complex runs everything. We were getting defective equipment from a major defense contractor and we tried to hold them accountable but were always overrode by higher ups that gave them waivers. These higher ups almost always went on to work for this major defense contractor. The elites always need a boogeyman to justify fleecing us and enriching themselves and their stooges in the media go along. It is sickening.
It might not be so much a question of Democratic or Republican as Democratic AND Republican parties. Shortly after Biden left the race, prominent Hollywood Democrat Andrew Sorkin suggested the party replace him with Mitt Romney...
On defense spending: In addition to the fact that we spend astronomically more than our adversaries, much of what we spend is on boondoggle weapons that don't work; kind of like the Chinese building "ghost cities" and trains no one rides on...
Maybe the best solution to all the world's problems would be no governments at all...
‘Control and Monetize’ is the operating principle of the world’s major powers today. Monetizing typically means theft in all of its forms, from money printing to regulating to creating and maintaining unfair advantages. Take Cybersecurity as one of countless examples. Why are the Hackers of the world regularly welcomed with open arms to the annual Cybersecurity Conference in Las Vegas? They make no attempt to disguise themselves. Quite the contrary. They are VIP guests. Doesn’t require much imagination at all. Cybersecurity is a gigantic, global industry employing millions worldwide. As oil remains the bedrock of the global energy industry, hackers remain the bedrock of the global cybersecurity industry. Monetize it baby, monetize it!
And so it goes. Big Pharma is scurrying to develop new drugs and treatment protocols from the surge in turbo cancers that they created. Monetize it!
Outside of public health the stalking horse for the future Monetizing Golden Globe award is surely Climate Change. There could be no better money laundering scheme for unending trillions than this. The potential size of the cash trough staggers the mind. It makes the warmongers blush. And on and on and on. This is the world that now surrounds us. Buckle up.
The US is a party state also, The Deep State. Kamala Harris was hand selected by Obama. That parasite (Obama) had infiltrated every key branch of the government, FBI, CIA, Judicial, State, and the Pentagon. The Clintons are still grabbing on to get every last dollar they can also. It is so plain to see that everyone in Washington must be playing some role in this tragedy. I guess this is what happens when you elect people that are going to be around another 20 years after their presidency. They can't walk away from the power drug. At least with Joe, the time was limited. Kamala means nothing more than another 20 years of misery.
Excellent post, Mr. Nelson. My only point would be that nothing that has/is happening is a tragedy. It is all completely according to plan...
Agreed. I just pray that it is not God's plan.
"Who would fix their breakfasts? Who would darn their socks?" I don't
know about breakfasts, but it's really tough to find a woman who can
darn socks these days.
That sock darning remark had me roflmao. 💯+ good one‼️
Imagine the Tinder right swipes for the prospect who states: “…knows how to use and sharpen double bit axe…” or “…can iron a Mt Everest of laundry…” or “…knows how to brew camp coffee…”
The last woman I know who darned socks was my grandmother. She died nearly 40 years ago. She hated to waste anything. Even then it wasn’t cost effective.
😂😂😂
In about 12 years or so, let’s check back here on this channel https://m.youtube.com/watch?v=ncfck8alWuc and see whether or not it matters "Who would fix their breakfasts? Who would darn their socks?"
Frankly, my friends, Bill is spot-on. He is a realist and see things as they are - not as we would like for them to be. You can call him anything you want but that doesn't make him wrong. It just makes you thoroughly uncomfortable when he speaks the truth. America has become a shithole! (Bill says it with elegance and style.) And, the BRICS are going to truly make America understand that "Payback is a Bitch!" Buckle Up, Buttercups!
Well Bill, I think you give the Chinese way too much credit. The new communist empire was 95% built on American business and a bought and paid off American government. Our corrupt business leaders made billions while our whores in Washington made millions off of America’s demise, and now we all whine about this third world shithole they created. Never fear though, because next we could have a honest to goodness legit whore pushing the nation to its final destination. A true DEI or Didn’t Earn It whore who actually slept with filthy dirty men to scratch her way to power. Low IQ and even lower moral standards is the new norm for America’s ruling class. I also think your argument about our military spending is flawed, since it actually creates jobs and once kept America safe. Now we spend one and a half time more on interest payments on our national debt 🤔 yes Bill, the Fatal Blow was struck years ago. Now we must deal with the burial plans, and like everything else our government touches, it’s not going to end well…
Burial - meh. Just cremate this b*tch and be done with it...
Hey brother, how are you doing? Hope this crazy global warming isn’t burning you up down there 😂🤣😂 think it’s been warmer here, even up in the mountains than Florida this year! Anyway it is summertime 😊 hope you’re doing great and enjoying the time we have left 🙏
All is well brother Steve. I've been running the A/C at 64 and keeping the fridge open to stay cool. I hope you and yours are also well my friend.
So flippin' ridiculous - this is my 57th Summer in FLA or other more tropical climes. It's no hotter now than any other year, no matter what the interweb headlines cackle about...
😂🤣😂🤣😂
Fact Check!!
“…running the A/C at 64 and keeping the fridge open to stay cool…”
Bill, when comparing the way in which Harris has been elevated to the nomination to the way XI, Putin et al of the totalitarian states have reached their positions, there is a distinct difference. Harris was elevated by virtue of others whereas Xi, Putin et al achieved their positions through some extremely tough political roads. They came through the dog-eat-dog approach and ‘take no prisoners’. Eliminate your enemies ergo Navalny!!
As a result, they are decisive, strong, and uncompromising. They read the tea leaves well and identify threats early and eliminate them.
Harris on the other hand, would simply not know what day it was. Remember her “I haven’t been to Europe” response to the question on visiting the southern border? The thought of her in the White House is truly terrifying.
When push comes to shove the US military will be found to be as least as inept/ corrupt as the Secret Service has just been. DEI and an unlimited budget will work its magic for sure. Check out how well some very expensive hardware is faring in the Ukraine right now. And, like Bill, I am old enough to find the comparison between the final years of the USSR and present day US striking. A rudderless, disheartened, populace and inept and senile "leaders" selected behind closed doors, by a secretive bunch of bureaucrats - and then quite suddenly it all fell apart
I wouldn't be too despondent about US military equipment. Without air support heavy armour is a sitting duck. My take is that the Ukrainians have been given enough to stay fighting but not enough to win, which is a win:win for the arms business but sucks if you're a Ukrainian male of fighting age.
Or it could be another example of the US being a velvet fist in an iron glove. Unlike the empires that have gone before who funded themselves using the resources of the conquered, Bush et al have been trying to export democracy and import nothing but hatred in return.
Another day in the office.
China’s economy getting stronger, the US dollar getting weaker, inflation on the rise, recession around the corner, the stock market on the brink of collapse, the Middle East in turmoil, Iran 2 weeks away from a nuclear bomb, (they’ve been 2 weeks away from building a nuclear bomb since the Bush Administration, 😂), riots across Europe, meteorite headed for Earf, Pope condemns the devil, new worthless sanctions imposed on Russia, fighter jets intercepted, Musk is driving a Tesla to Mars, new virus in the air spreading like wildfire, Africa Guerrilla fighters slaughtering innocent populations, CIA Submarine, FBI Scope Vision, blah blah blah blah blah, everything going down the tubes, what else is new? Hahahaha! Go ahead and book your next international vacation cruise John. 🤩
Dogs chasing cats - oh my. The HORROR...
The implication of our government sustaining the full costs for maintaining overseas military bases is that we do not complement the interests of the host countries. If it was the case that the presence of our forces was beneficial, then the host countries should probably be willing to bear the costs. Then, there would be a mercenary basis for their presence rather than a military expansionist profile.
In Oz we are wary of the Chinese claim over the South China sea. Ironically named as they seem now to think that means they own it. Right up to the coasts of all the countries bordering it. When they make these expansions it does demonstrate their desire to obtain advantages over a vast body of water and whatever land they can grab later- maybe. Could be they just need all the marine Life in that body of water to feed their own, after all their own waters are mostly fished out. Or it could be the start of something greater who knows.
What I do know is they need iron ore to build their vast military machine and here in Oz we provide it at a never ending rate.
Seems silly that we might one day to be asked to help defend nations far from our shores, with our own (hobbled) military. Particularly as we provided and continue to provide the means by which the invaders are able to arm themselves. I can never see the day when we don't dig up millions of tonnes of ore and ship it to them. We don't care that much about those neighbours, at least until it's too late.
Capitalism will consume itself, that is what Marx predicted.
Seems like that will be the likely outcome.
Living in the land of OZ is a bit like the Wizard of OZ movie, smoke and mirrors and a whole lot of baloney.
As a basis for understanding an argument, what right does another country have on The US as it relates to her form of government? The opposing side of that argument is: what right does the US have as it relates to another country's government, religion, culture, etc.? Where do/did/ we get the impression that our oppression/ interference is justified? Internally, how do our elected representatives justify taking our taxes away from us and giving it to foreign countries where we have no interest beyond some vague human attachment? How do our elected officials justify imposing their will on other people and ignoring us? Our country is magnificently FUBARed! Vote, though; it makes a difference.
Bill:
I’m waiting for your Monday report blaming Israel for the Hezbollah attack that killed 12 Israeli children in Northern Israel. Also, that retaliation will also be Israel’s fault.
AP
The "darn socks" comment represents a society that had little cash. One could not just buy new and go on. There was more time than money and so you used it to get by for another day. When our economy collapses one may wish that they could "darn better".