Oh Elon!

[Bill Bonner’s Diary]( Oh Elon! By Bill Bonner Monday, May 10, 2021 [Bill Bonner] YOUGHAL, IRELAND – When we left you on Friday, the excitement was building. Dogecoin was moving up… up… up… for a 14,000% gain so far this year. Fans expected Tesla CEO Elon Musk – heretofore Dogecoin’s biggest enthusiast – to [mention the crypto coin]( on nationwide TV when he hosted Saturday Night Live, which would take it even higher. Mr. Musk moves markets. He only has to whisper the name of a stock and it doubles or triples. In January, a tweet in which he said to “Use Signal” was followed by a 11,700% increase in the price of Signal Advance, a healthcare company he had never heard of. (Elon was referring to a messaging app called Signal.) In another famous incident, also in January, Elon tweeted “Gamestonk!!” (stonk is a hip, ironic way of referring to stocks). The stock of GameStop went up 157% in after-hours trading. As for cryptos, Elon can send any of them “to the moon.” Recommended Link [Is your Bank impacted by this NEW banking rule?]( [image]( Please pay close attention… Because if you have an account in any U.S. bank… This new banking regulation that has been called “a game-changer” WILL affect you. Here’s a partial list… - Bank of America - Chase - Wells Fargo - Citibank - U.S. Bank - BB&T, SunTrust, and PNC Bank If you have an account with any of these banks, please [see how this new banking rule could impact you](. [Click here and see the full story.]( -- Gone Short Adding to the dramatic tension, on Saturday, just hours before SNL went on the air, one of Dogecoin’s biggest supporters turned against it. “We’ve gone short,” signaled Barry Silbert. Here’s MarketWatch: Barry Silbert, a power player in the digital-asset sector, said he’s betting against dogecoin and is urging investors in one of the hottest trades in 2021 to convert their doge holdings into bitcoin. The missive from Silbert comes as the chief executive of Tesla Inc. and SpaceX and one of dogecoin’s most vocal champions, Elon Musk, is set to guest host NBC’s late night comedy sketch show “Saturday Night Live.” Remember the old Wall Street advice: Buy the rumor. Sell the news. [Featured: Trading Legend Shares His Latest Breakthrough]( Well, when Elon made his SNL appearance, look what happened. From CNBC: As Elon Musk – the self-proclaimed “Dogefather” – made his “Saturday Night Live” debut, the price of dogecoin fell off a cliff. The meme-inspired cryptocurrency fell as much as 29.5%, dropping to 49 cents at one point. Musk mentioned dogecoin in his opening monologue and on “Weekend Update,” SNL’s satirical news show. In a Q&A with hosts Michael Che and Colin Jost, Musk called himself the “Dogefather,” said dogecoin was a “hustle,” and howled, “To the moon,” a catchphrase popular among doge enthusiasts intent on driving the value of the cryptocurrency to one dollar. All in good fun. Recommended Link [Reclusive Best-Selling Author Issues Final Warning]( The Founder of the largest “underground” financial research firm in the world… Has one last warning to readers. [image]( Bill Bonner founded The Agora in 1978. Today – after 40+ years in the publishing business – he’s coming forward with his final warning. And not a moment too soon… With offices in 11 countries… millions of daily readers… and two New York Times best-sellers to his name already… Bill’s latest – and last – warning may be the most important of his career. [Go here for details – and to get a personal message from Bill.]( -- Wealth Killers Meanwhile… the hustle over at the Federal Reserve would be more fun, too, if they weren’t destroying the country. Yes, as we pointed out last week, the Fed has turned investors – both public and private – into [active shooters](. In the private sector, they’re wasting their ammunition firing away at the [Doge]( [NFTs]( [SPACs]( [Tesla]( [MicroStrategy]( [GameStop]( [celebrity sneakers]( and other attractive nuisances. And in the public sector, they’re spending trillions on “investments” that are nothing more than boondoggles, bamboozles, and bribes. [Featured: The One Big Threat You Face in 2021]( Together, they’re whacking real investment in real businesses that satisfy real customers and add real wealth to the society. And here, we offer a single sentence to explain the decline and fall of civilizations: The more time, energy, and resources you spend on things that don’t matter, the less you have available for those that do. So when the Robinhood traders are chasing after the Doge, they’re not learning electrical engineering, building houses, or investing in companies that add useful products and services. Likewise, when the feds announce new programs to[redirect $4 trillion down their favorite rabbit holes]( they’re going to waste a big part of the nation’s wealth. And if trigger-happy “investors” get word of any slowdown in money-printing… public or private… they’ll go on a rampage. Recommended Link [“Escape” the “Great Reset”]( Global Elites like George Soros, the IMF, the World Economic Forum, and leftist think tanks in Washington call to end capitalism… And replace it with a socialist economy and their one-world currency. [image]( It’s not Bitcoin, the yuan, or any fiat currency you’ve heard of… But if approved, it could cut your savings, your retirement accounts, and even devalue your property by a third. It’s the “Great Reset” of the American way of life. That’s why you must see [this briefing]( while you still can. It’s your best chance to fight back and protect your livelihood. [Click Here Now To Learn How To “Escape the Reset”]( -- Nail in the Coffin Last Tuesday, Janet Yellen told The Atlantic magazine that interest rates may have to go up: It may be that interest rates will have to rise somewhat to make sure our economy doesn’t overheat. Within seconds, Janet was back down on the ground as the shooters opened fire. Here’s Business Insider: Treasury Secretary Janet Yellen caused a minor freak-out on Wall Street on Tuesday when she raised the prospect that the Federal Reserve might have to hike interest rates to tame inflation in the wake of a large increase in government spending. Yet Yellen rapidly rowed back her comments, saying at the Wall Street Journal’s CEO council summit later in the day: “I don’t think there’s going to be an inflationary problem.” Then, on Friday, came further bad news for the real economy… and good news for the “investors.” The latest jobs report came up… uh oh… 734,000 jobs short. Business Insider again: The country’s count of nonfarm payrolls grew by 266,000 last month, the Bureau of Labor Statistics announced Friday. The median estimate from economists surveyed by Bloomberg was for a payroll gain of 1 million. The April jump marks a fourth consecutive month of payroll increases but the smallest since September. Also, March’s gain was significantly revised downward to 770,000 from 916,000, further eroding the recently bullish outlook toward the labor market’s recovery. The missing jobs put a “nail in the coffin” for the U.S. dollar, says Wells Fargo’s Erik Nelson. It shows the recovery is failing… and guarantees more money-printing. But at least Elon and his merry pranksters are enjoying the dollar’s wake. This morning comes news that he’ll fund his mission to the moon with – what else? – Dogecoin! Onward Elon! Onward stonks! Onward cryptos! To the moooonn!! Regards, [signature] Bill --------------------------------------------------------------- Like what you’re reading? Send your thoughts to [feedback@rogueeconomics.com](mailto:feedback@rogueeconomics.com?subject=Oh Elon!). --------------------------------------------------------------- FEATURED READS [East Coast Fuel Pipeline Goes Down, Raising Gas Price Worries]( largest U.S. East Coast fuel pipeline shut down Friday due to a cybersecurity attack. The company is unsure how long its mainlines will be affected, raising concerns that higher gas prices will persist… [Teeka Tiwari Is the Most Trusted Man in Crypto]( colleague Teeka Tiwari is the most trusted man in crypto. And even though Teeka’s views differ from Bill… Bill still recommends holding a 1% crypto allocation for speculation. So if you’re looking for more information regarding that allocation, look no further than Teeka… MAILBAG Dear readers have a lot to say about Wednesday’s Diary, “[FUBAR]( FUBAR doesn’t really describe what is going on now. You have seen it before; we have all seen it before. It is not unrecognizable. It is just BIGGER than it used to be. There are probably lots of roofs in Gualfin, and its surroundings, that are ready to fall in and need fixing. Guatemala and El Salvador could use a little cash, and it would go a long way there if sent in personal and family remittances rather than to the governments. Why not use some PPP money for that purpose? Very likely some of the money will go to some useful purpose. Those funds will provide a cushion 10 years down the road. In the near term, the velocity of money will slow to a crawl and bartering and basement-living will return. But our present housing stock is sufficient for 110% of our population plus 50% of Guatemala’s. Disruption will become the order of the day. – Benjamin B. I don’t mind paying reasonable taxes – it’s a privilege of being a citizen of the U.S. But what really ticks me off is how much waste/corruption goes into spending away the tax dollars collected. The Paycheck Protection Program – no scrutiny required! On billions of dollars!! And monies to foreign countries that fall into the ether – and return by kickback to all sorts of influencers. This is why taxpayers drag their feet to pay higher taxes. – Thea T. I like your humor and the semblance of truth you have as a bottom line. Do only conservative and independent Americans read between the lines, or the writing on the wall? About Bill and Melinda: I hope they find happiness, which proves billions of dollars doesn’t buy happiness. – Richard S. Love your articles. At 90, I’m from the “columnist age” and you’re in a class with Westbrook Pegler, my favorite. Keep it up! – Phil H. Are U.S. taxes reasonable, as Thea believes? Are government waste and corruption barriers to Americans paying taxes? Write us at [feedback@rogueeconomics.com](mailto:feedback@rogueeconomics.com?subject=Oh Elon!). IN CASE YOU MISSED IT… [Have you heard George Gilder’s latest extraordinary prediction yet?]( He was dubbed the “Tech Prophet” by Forbes… once won the White House Award for Entrepreneurial Excellence… and his work is respected by tech insiders like Bill Gates and former Google CEO Eric Schmidt… And recently, Gilder went on camera to explain how a new tech revolution is about to hit America… one that could unleash up to $15.1 trillion in new wealth. According to Gilder, if you don’t understand this new tech you could miss out on one of the greatest moneymaking opportunities for thirty five years. [Get more details here.]( [image]( --------------------------------------------------------------- Get Instant Access Click to read these free reports and automatically sign up for daily research. 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