Gridlock on the economic highway

[Bill Bonner’s Diary]( Gridlock on the Economic Highway By Bill Bonner Wednesday, October 20, 2021 [Bill Bonner] BALTIMORE, MARYLAND – The question we have been flirting with… coquettishly… shyly… …is this: Why is the U.S. struggling to make progress? It is [slipping in almost all global rankings](. Its growth rate is [barely half what it was in the last century](. And its government is more corrupt, degenerate, and incompetent than at any time in history. What gives? The answers fall into two major categories. Either it is the fault of God or of God’s creature, man. Today, we look at man’s role. Recommended Link [Dangerous Times Ahead…]( [image]( Our world is staring down what may be the worst supply chain crisis in human history. And it’s not something that will just “go away” in a matter of weeks. The previous shortages we saw in 2020 will be nothing compared to what is to come. Bloomberg calls it “Supply Chain Hell.” NPR calls it “Industrial Hell.” The New York Times calls it a “Disaster.” And the true culprit behind this new crisis may surprise you. [Click here to learn what’s causing all this – and how to prepare for what’s coming next](. -- No Resistance One of the weaknesses of man is that he tends to greatly overestimate his abilities… and underestimate his own capacity to lie, cheat, and steal. In its epic battle in Afghanistan, for example, the U.S. elite thought it could turn the local tribes into model Democrats. Even after squandering $2.3 trillion… and killing thousands of resisters over a 20-year period… the Afghanis stubbornly clung to their primitive ways and the U.S. was forced to withdraw. In the fight against COVID-19, too, man’s ability to control the situation was greatly exaggerated. He believed he could contain the illness with lockdowns, mask-ups, incessant handwashing, and social distancing… and then defeat it altogether with a miracle vaccine. Former United States Secretary of State Colin Powell died earlier this week, even though he was fully vaccinated. Had more people been vaccinated, explained the media, maybe he’d still be alive. But after 20 months… countless indignities… white-hot arguments… jackass finger-pointing… and trillions in collateral damage, COVID-19 still goes around pretty much unchecked. [Featured: Biden did What? Unbelievable!]( No Difference And now, it turns out that more vaccines would probably not have saved Powell… because they make no difference in controlling the spread of the disease. In a study of 68 countries and 2,947 counties in the U.S., the “Public Health Emergency COVID-19 Initiative” found that: At the country-level, there appears to be no discernable relationship between percentage of population fully vaccinated and new COVID-19 cases in the last 7 days. In fact, the trend line suggests a marginally positive association such that countries with higher percentage of population fully vaccinated have higher COVID-19 cases per 1 million people. Notably, Israel, with over 60% of their population fully vaccinated, had the highest COVID-19 cases per 1 million people in the last 7 days. The lack of a meaningful association between percentage population fully vaccinated and new COVID-19 cases is further exemplified, for instance, by comparison of Iceland and Portugal. Both countries have over 75% of their population fully vaccinated and have more COVID-19 cases per 1 million people than countries such as Vietnam and South Africa, that have around 10% of their population fully vaccinated. Recommended Link [$3.1 Trillion Bitcoin Technology Found in The Arizona Desert?]( [image]( About 240 miles north of the Grand Canyon… Deep in the Arizona desert… A rogue multimillionaire has identified a $3.1 trillion opportunity. Some might call it “a miraculous discovery.” Right now the mainstream media… Wall Street analysts… Or anyone in the general public likely has no clue about this opportunity… But since early investors could soon make a significant amount of money from it… This renowned millionaire investor has given permission to share it with you. [Click here to see the full story.]( -- No Surprise Our beat is neither war nor public health. But if the authorities are so wrong about matters of life and death, mightn’t they also err in matters of money… …maybe especially so when the error makes them rich? The elites control the government. The government controls the printing press. Is it any surprise where the printing-press money goes? Business Insider reports that the wealthiest Americans now own most of the stock market: The top 10% of Americans now hold 89% of corporate equities and mutual fund shares, a record high. The top 1% alone hold over half of stocks owned by households, according to the Federal Reserve. That means the wealthiest Americans disproportionately profited from the stock market’s strong performance over the last year. [Featured: Christmas is cancelled?]( Here’s more evidence from OpenSecrets.org that the corruption is deep… and bipartisan: House Speaker Nancy Pelosi (D-Calif.) has seen her wealth increase to nearly $115 million from $41 million in 2004, the first year OpenSecrets began tracking personal finances. Senate Majority Leader Mitch McConnell (R-Ky.) saw his net worth increase from $3 million to over $34 million during that time. And here’s the chief of the money-printers himself, Jerome Powell. The Federal Reserve head attended Georgetown Law Center at the same time we did (though we don’t recall him). Now, after years of apparently trading on the Fed’s “inside information,” he is worth up to $55 million. Truthout has the lowdown: Federal Reserve Chair Jerome Powell sold between $1 million and $5 million worth of stock just before a large stock market crash last year, according to new disclosure filings reviewed by The American Prospect. Powell’s massive sale came on October 1, 2020. Recommended Link [Bill’s special message to Diary readers…]( [image]( The world-wide lockdown kept Bill at his ranch in northern Argentina for much of 2020. But it didn’t slow him down one bit... Now, he’s releasing a very special book – his last. If you’ve enjoyed Bill Bonner’s Diary over the years – or even if you are new to Bill’s work… You’re going to love this special message about Bill’s latest book… [Click here to find out more.]( -- Distorted Traffic Signals You’ll recall the analogy from earlier this week – that the rules of a productive, prosperous, and progressive society are like “[traffic signals]( They don’t tell anyone where to go or how to get there… They just regulate the flow, keeping drivers from running into one another. When the light is green, you think you can go through the intersection safely. What are the “traffic signals” of an honest economy? They are very simple: Honest money, free markets, and protected property rights. You think your money is dependable. You expect prices to be honest, reflecting real supply and demand. And you count on the “law of the land” to protect what’s yours. But what if the authorities falsified the signals in order to help themselves get rich… while snarling traffic for everyone else? Wouldn’t progress slow down? We’ll answer that question: Yes. Stay tuned… Regards, [signature] Bill --------------------------------------------------------------- Like what you’re reading? Send your thoughts to [feedback@rogueeconomics.com](mailto:feedback@rogueeconomics.com?subject=Gridlock on the economic highway). --------------------------------------------------------------- FEATURED READS [The Farming Industry Is Thriving Amidst a Hurting Economy]( early September, the USDA updated its net farm income estimates. At $113 billion in 2021, sector profits are positioned to be the eighth highest since 1960. As a result of increased profitability in the agricultural sector and lower interest rates, farmland values have turned higher… [The White House Is Desperate to Solve the Supply Chain Crisis]( groups have urged the Biden administration to consider out-of-the-box ideas to address the supply chain disaster… One of these ideas is to deploy the National Guard. The supply chain mess has caused slow shipments, rising costs, and has left many shelves empty. MAILBAG Earlier this week, dear reader Dean H. said a conference of the states could fix America’s economic and political dilemmas. Fellow dear reader Kim H. has an opposing view… If there is a conference of the states, the representatives of the states will have the option of throwing out the Constitution and our form of government altogether and replacing it with whatever form of government they choose. It is likely that the Deep State will quietly dictate what form that government will be from behind the scenes. It will then be profusely celebrated by the mainstream media. Remember that a conference of the states was the entity that ratified the Constitution and gave us the Republic of the United States of America. – Kim H. Meanwhile, others share their ideas on slowing America’s downfall… We have to get rid of political correctness and tell it like it is. I will take a cut to one-third of everything I own (or get) as long as everything else is cut to one-third. What is the difference? What we need to get rid of are lifetime politicians and lobbying, and hold people responsible, with more severe consequences. But alas, we all have tunnel vision, and can only see what lies ahead through the eyes of our incompetent leaders. – Ronald D. The U.S. should be using its massive political and monetary influence to do what China cannot… spread democracy by leading by example. Too many freeloaders are being allowed to get free money without responsibly paying it back. Lower the taxation threshold across the board and take away the incestual privileges of those living inside the beltway who take more than they are worth. Capitalism is the field of play for the governed, not the government employees. Government has become the slave master of those who are taxed. – William B. Should the U.S. “spread democracy” through its own example, as William B. believes? What are the “traffic signals” of an honest economy? Write us at [feedback@rogueeconomics.com](mailto:feedback@rogueeconomics.com?subject=Gridlock on the economic highway). 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