Why Americans are losing faith in the system

[Bill Bonner’s Diary]( Why Americans Are Losing Faith in the System By Bill Bonner Friday, July 17, 2020 – Week 18 of the Quarantine [Bill Bonner] SAN MARTIN, ARGENTINA – California has banned singing in church. Here’s CNN: Three northern California churches have gone to federal court to challenge the state’s ban on singing and chanting in houses of worship, arguing that it unfairly singles out religious services while ignoring protests against police brutality. Gov. Gavin Newsom issued the ban earlier this month in an attempt to curb the spread of the coronavirus, with state health officials noting that singing and chanting “present an increased likelihood for transmission of COVID-19 through contaminated exhaled droplets.” The Los Angeles teachers’ union threatens to hold students hostage (under the smokescreen of COVID-19) until a whole list of demands is met – including defunding the police, Medicare for all, no more competition from charter schools, and so forth. And of the 32 million people collecting unemployment benefits, nearly two-thirds are now getting more money from not working than they earned on the job. Recommended Link [Offer Terminated 12:00 A.M. ET]( [image]( If you do not take the requested action by 12:00 a.m. ET – and not a second later… - Your chance at joining Jeff Brown’s Timed Stocks Research service for $7,503 off, will expire. - Your opportunity to get the name and ticker of [Jeff Brown’s #1 Accelerated Timed Stock]( set to spike on July 30, at 8:30 a.m., will disappear. - Your chance to get the name and ticker of three more of his Accelerated Timed Stocks… and more than a dozen others in the Early Stage Trader model portfolio… will vanish. NO EXCEPTIONS. [Act Now – Before This Offer Is Terminated at 12:00 a.m.]( -- Losing Faith Our beat here at the Diary is money… filthy lucre… and dead presidents. But everything costs money – lockdowns, bailouts, and boondoggles, too. Sometimes, the dead presidents allow you to do what you ought to do. Sometimes, they make it possible for you to do what you ought not to do. And fake money is practically guaranteed to blow up in your face. This morning, Yahoo! Finance reports that consumer spending is back to where it was before the pandemic: Retail sales are all the way back. Sales in June jumped 7.5% over the prior month and 1.1% over the prior year, topping expectations for a 5% rise. But there’s a big difference. Before the pandemic, consumers were spending money they earned. In June, they were spending money with a fuse attached. Our hypothesis: When the money goes, everything goes. And with the feds printing up trillions of worthless dollars, people are losing faith in the whole system – its rules… its institutions… and its principles. [“Tech Royalties” could be the answer to a fruitful retirement.]( Here’s the Trump administration, for instance, with a $4 trillion deficit this year, equating to about 20% of GDP. The old North Star for fiscal conservatives – balanced budgets – disappeared from the firmament 50 years ago, when President Richard Nixon took the U.S. dollar off the gold standard. The USA is entering into some rough waters, with the waves already splashing over the gunnels. But instead of turning around and heading towards a safe harbor, Mr. Trump steers into even deeper water, with another $2 trillion COVID stimulus proposal expected next week… and a tax cut, too! Here’s Politico: President Donald Trump has signaled to Hill Republicans that he will not sign a new coronavirus stimulus package without the inclusion of a payroll tax cut, according to three sources close to the issue. How could he even think of cutting taxes with $8 trillion in deficits expected through 2022? Like everyone else, his brain has been addled by phony money. Recommended Link [LEAKED! Pelosi’s Scary New “Money Plan”…]( [image]( Nick Giambruno, of Casey Research, just got his hands on a leaked plan from Speaker of the House Nancy Pelosi… [And it’s downright scary](. If you’ve got over $5,000 in a U.S. bank, credit union, or in a retirement account… You are at risk. The idea behind Pelosi’s plan has the backing of Bill Gates, the Clinton Foundation, Visa, J.P. Morgan… Even the Fed is getting ready for “the “switch.” All evidence suggests it will get under way January 1, 2021. [Watch urgent update on “the Switch” here]( -- Plan for Everything Over on the other side of the poop deck, Captain Joe Biden seems as sans souci as Fleet Commander Trump. Instead of battening down the hatches, he wants to put out more sail… From the Washington Examiner: Throughout the Democratic presidential race, Joe Biden has been described as a leading “moderate” within the party. But the truth is that Biden is only moderate when compared with Sen. Bernie Sanders and those candidates who embraced key aspects of a socialist agenda that will cost tens of trillions of dollars. [“Pressure Point” Technique Could Double Your Money in 30 Days.]( Like former presidential candidate Elizabeth Warren, Biden seems to have a plan for everything… especially the big-ticket items: Climate change ($1.7 trillion)… Infrastructure ($1.3 trillion)… Healthcare ($750 billion)… Education ($1.5 trillion)… Housing ($640 billion)… Whew! Modest Prediction How would he pay for all these things? The Tax Foundation calculates that his tax increases – if enacted – would raise $3.2 trillion. But wait… You can’t raise taxes without reducing “demand.” The Tax Foundation: According to the Tax Foundation General Equilibrium Model, Biden’s tax plan would reduce the economy’s size by 1.51 percent in the long run. The plan would shrink the capital stock by 3.23 percent and reduce the overall wage rate by 0.98 percent, leading to 585,000 fewer full-time equivalent jobs. And here, we offer a modest prediction: If Biden is elected… and has a sufficient majority in Congress… he will pass much of his Build Back Better program… …but not much of the tax program. The Democrats are addled, too. And their donors, cronies, and lobbyists will angle for taxes that punish the super-rich… but leave most of their own wealth intact. Besides, it’s not possible to pay for all the feds’ boondoggles with tax revenue. Recommended Link [Watch Teeka Tiwari’s FREEDOM 2020!]( [image]( Before you cast your ballot this November, there’s an even more important decision heading your way. A small group of Americans will be exposed to a pre-IPO deal that could literally change their lives, overnight. The chance to make $250,000 — even $500,000 to $1,000,000 or more — is definitely there. [Click Here To Watch FREEDOM 2020 for FREE]( -- Sail On The only possible way… and the reason both parties get away with such numbskull spending programs… is that they have a “printing press” in the basement. With it, they think they can afford programs that the American people would never willingly pay for… So, they can sail on… until the fake money blows a hole in the hull… and the economy, the political system… and the social integrity of the whole country… all sink to the bottom. Stay tuned… Regards, [signature] Bill --------------------------------------------------------------- Like what you’re reading? Send your thoughts to [feedback@rogueeconomics.com](mailto:feedback@rogueeconomics.com?subject=“Why Americans Are Losing Faith in the System). --------------------------------------------------------------- FEATURED READS [These Special Stocks Are Accelerating]( are regular stocks… and then, there are “timed stocks.” These special stocks, discovered by tech investing expert Jeff Brown, are unique in that they run on a preset timer. And now, the timers on many of these special stocks are accelerating. If you’re invested when a stock’s timer hits zero, you could double your money… or more. [Learn how to identify them here]( [Protect Your Money in a Post-COVID-19 World]( Letter editor Dan Denning believes the only way to move forward safely in a post-COVID-19 world is by disconnecting from the central bank and investing in gold. Here, editor Chris Lowe explores both gold and bitcoin as avenues to protect your wealth… MAILBAG Readers love when Bill shares his adventures in the Calchaquí Valley. Since Bill’s last update in [June]( all about his quarantine in Argentina, readers have waited for more… and, in turn, were thrilled with Thursday’s Diary, “[Hard, Dangerous Work]( Hi Bill, longtime reader of your work. Found you through Doug Casey back in 2010 when I was working on a cattle ranch in Australia, of all places! Your stories of the ranch bring back good memories of that time and of my awakening to agorism and voluntaryism. I wanted to give you support and tell you how much I’m enjoying these updates. I’m saddened and angered to hear about the originarios. I’m 33 and CAN’T STAND all the stupid little kids and people my age who are no better than looting savages. I wish you the best when dealing with them. – Michael M. Really love to read Bill’s adventures on the ranch. He writes so that I almost feel that I’m there having the same experience. I admire that – at his age – he is still very active and involved in all the ranch activities. I’m close to Bill’s age and he is an encouragement to me. Keep the stories coming. – Gary F. Bill, you have kept me waiting for WEEKS! I empathize with how frustrating the problem with the originarios must be for you, like a festered wound. Not a debilitating wound, but one that is constantly nagging. I really do hope you find a solution that your soul can accept – that doesn’t mean lay down and get kicked! You are WAY too important to your family, friends, and even me and other readers to be putting your safety at risk (listen to Elizabeth!). Don’t trust those originario SOBs. I’m reliving some of my youth vicariously through your ranch adventures. It reminds me of anxiously awaiting each weekly episode of Bonanza (and the photos help), except that your adventures are “real,” and I have already participated in most of them. This episode, you actually got me past a smirk and smile – all the way to laughter – with “Sometimes, for variety, we yelled ‘Y…aaa…hooo…’ But after extensive testing, we found that ‘Y…aaa…haaa’ was more effective.”…Yep, after hours of repetition, ya just gotta change up something. Your detail of the action, even the smallest thing, i.e. cutting the briers out of the cow’s tail, is almost like reading Hemingway. – Mike C. Meanwhile, another dear reader disagrees with Bill’s originario versus Black Lives Matter comparison… Hi Bill. Thank you for sharing your experiences in Argentina, combined with commentary on the state of our nation and, by default, the world. I am a black man (50) and I’ve both backpacked in South America (10 months in 1997) and lived in Chile (10 months) in 2008. I’ve crossed over into Argentina a few times and have had nothing but good experiences. So your stories have a warm place in my heart. I appreciate your points of view and – just like most rational people – I agree with some stuff, and other stuff we’ll have to agree to disagree. You are obviously wise. However, I have to speak my piece on your comment, “It’s a little like the claim of the Black Lives Matter group in the U.S., who think that because they had ancestors who were enslaved, they should get a larger slice of the pie, regardless of who actually baked it.” That one is below the belt for me. I don’t march with the brothers and sisters, but I am sympathetic and empathetic to the cause. Look at their website (which I’m sure you have already done) where it states clearly, “Black Lives Matter began as a call to action in response to state-sanctioned violence and anti-Black racism.” There was no need to throw in the comparison between the originarios and the Black Lives Matter movement. On both fronts, most of us are too ignorant to comprehend the basic issue of the individual groups, let alone some blunt comparison of agendas, tactics, and desired future states. My constructive feedback is to not throw in unnecessary barbs, weak comparisons, or low blows into your commentary. They aren’t necessary and detract from your powerful insights. With respect. – Achilles Y. And still, others give their take on American politics… Americans voted for President Trump because they wanted someone who would represent their interests and not the globalists. For the same reason, we Brits voted for Boris Johnson. We were sick of leaders like Theresa May, who surrendered to the European Union at every turn. We don’t want technicians who pander to the likes of George Soros. We want leaders who care for their own people and their own nation. – Allie F. As a conservative, I am appalled at the takeover of the Republican party by Donald Trump. The party has lost all sense of conservative values. While Trump has done some things I support, i.e. reduced regulation, North American Trade agreements, stand up for the country, he has taken the country into a level of debt that imperils its future. He governs like a 12-year-old and has created, along with the media, a very strongly divided country. I’m certain the animus will intensify should he be reelected. Biden should have been put out to pasture as his faculties have declined to the point of embarrassment and sadness. After 47 years in office, he has no positions of his own. He is being used by the most progressive of the party to adopt and support their positions. He is not the person to step into the office in 2021 and deal with all the nation faces. Neither candidate will be good for the country going forward. It is unfortunate that Biden and Trump are the best our political parties can produce. But given this choice, I will – unhappily – vote for Trump. – Fred L. Are many younger Americans “no better than looting savages,” like Michael says? Does Donald Trump represent America’s interests, as Allie suggests? Write us at feedback@rogueeconomics.com. IN CASE YOU MISSED IT… [917% AVERAGE RETURN SINCE CORONAVIRUS!]( 917%. That’s the AVERAGE gain you could’ve made on [this rare type of tech stock]( since the coronavirus struck in December. 84,900%. That’s the peak return [this rare type of tech stock]( could’ve handed you. Again, since the coronavirus struck in December. 179. 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