Give thanks for the one percent

[Bill Bonner’s Diary]( Emma’s Note: Thanksgiving is a time to express our gratitude for all the good things life has given us – health, wealth, loved ones… But does anyone ever stop to thank the big spenders? The rich usually find themselves in the crosshairs, especially when politicians are looking to fund their expensive boondoggles. But today, traditionally a day of rampant consumerism, why not celebrate the spendthrifts? After all, they sacrifice their balance sheets to keep the economy turning. Here’s another classic essay from Bill’s Diary archive… --------------------------------------------------------------- Give Thanks for the One Percent By Bill Bonner Friday, November 26, 2021 [Bill Bonner] BALTIMORE, MARYLAND – This week, a hush falls over headquarters. Office phones ring with no one to answer them. But we continue our lonely vigil, watching over the world of money… dumbstruck by the complex majesty of it… …and a little bummed out by the scammy fraud perpetrated by Federal Reserve economists. We drove out of the city to look at a colleague’s new house. The house is on farmland in one of the most attractive suburbs, just 15 minutes from the heart of Baltimore. It is a huge, rambling affair built in the 1870s, with a large wing for servants added in the 1920s. One of Baltimore’s leading lawyers had owned it. His widow lived there until she died in her 90s. Now, under a new owner, the house is about to get a major facelift. New wiring, new plumbing… walls torn down… a new master suite… an addition for utilities… a four-car garage… a toolshed transformed into a “man cave.” Recommended Link [Is Biden seeking serious snooping rights on American bank accounts?]( [image]( The Biden administration is looking to banks as a way to force wealthy Americans to pay more taxes. The goal is to close the “tax gap.” But what does that really mean for you and your retirement? Financial pioneer Teeka Tiwari has been on top of a major change coming to our banking system. Those who prepare now could come out of this better than they ever thought possible. Don’t get caught in the crosshairs. If you have money in the bank, take a few minutes to [watch this short video and get the facts for yourself](. [Click here to watch now!]( -- No Holding Back Our friend is not one to hold back. He lives large… no matter what the cost. The house already has more than 9,000 square feet of space. When he’s finished, it will probably have more than 10,000. “You are aware that this is going to cost a fortune,” we said to the new owner. “Yeah. How much do you think it will cost to fix this place up?” “Five million?” “Oh, and I’m going to tear up all the floors and put in radiant heat. And a new kitchen.” [Featured: Retired yet? You can be, just watch this]( “Six million? This is crazy. It’s a nice house. Why not just live in it as it is? All you really need to do is to put in a new bathroom. Okay, maybe a new kitchen. But why buy a nice old house just to tear it up?” “You are such a penny-pincher. What is money for, if you can’t use it to build the house you want where you want it? I don’t get any pleasure out of looking at my account balance. I’ll get real pleasure for many years out of this house. “I don’t mind spending money. It’s fun. I’m not like Warren Buffett. And I’m not like you. I don’t want to live in a simple house in Omaha all my life. And I don’t care about creating a family legacy. I’m going to enjoy my money.” Recommended Link [10-Second Trading Demo Stuns Everyday Americans]( [image]( Could one little-known financial maneuver get you on the path to double or even triple-digit gains? According to one financial expert, the answer is yes. He explains everything [here]( – including a “10-second demo” of this strategy in action. [Click here for all the details.]( -- Economist’s Dream Our friend is an economist’s dream. He consumes mightily. His consumption makes him happy. And it sets in motion hundreds of wheels that turn toward more getting and spending all over Baltimore, the U.S., and the world. [Featured: Jeff Brown says “This new technology is Ripping through the financial world”]( The Financial Times elaborates: Consumption is the purpose of economic activity and allows us to meet our material aspirations in the pursuit of happiness. The valid concern about household debt is therefore not that it is fuelling consumption, but that it might detract from future expenditure because, for prudent families, debt service gets in the way of other spending. The elderly and the dead, who realized their property assets, tend not to spend so much. Naturally, there are legitimate concerns about the sustainability of the recovery, but most are not related to consumption… Consumption growth is therefore necessary for the sustainable longer-term growth that people of a puritanical bent so desire… The alternative to the unexpected boost to consumption this year would have been much worse: continued stagnation, higher unemployment, lower incomes and worse public finances. So, as the year’s end approaches, we should resist the puritan within all of us. Let us celebrate consumption… Recommended Link [ATTENTION: See the Black Box Below?]( [image]( [Click here to see what’s inside]( and discover why the founding editor of WIRED Kevin Kelly said that… “Whoever dominates this [tech] will become among the wealthiest and most powerful people and companies in history.” No wonder Apple, Google, Amazon, Facebook, Microsoft, Elon Musk, the U.S. military, and NASA are all getting involved. [Click here and watch legendary tech expert Jeff Brown reveal this device on camera.]( -- In Honor of Spendthrifts Our friend is doing his part. The marble for his new countertops will be cut in Italy… making employment for stonecutters and shippers. Carpenters will spend months knocking together frames and staircases. Heating and air-conditioning specialists, architects, wallpaper salesmen, decorators, roofers, electricians, plumbers, surveyors – all will be contracted to help our friend build the house of his dreams.. Will they stop a moment and say a little prayer for the system that has brought them such bounty? Will they say thanks to “the 1%” – the only ones with enough money to take on such big-spending projects? Not likely. Instead, they will grouse about how little they got and hold the source of it in contempt. But at least here at the Diary, we will raise a glass – or two – in honor of the spendthrifts who keep the wheels turning. And we give special thanks for that little subset of the 1% – those who provide a public good by sacrificing their own balance sheets for the benefit of the consumer economy. Yes, they will be poorer – financially – but at least they will have nice houses to live in when the next crisis comes. Regards, [signature] Bill --------------------------------------------------------------- Like what you’re reading? Send your thoughts to [feedback@rogueeconomics.com](mailto:feedback@rogueeconomics.com?subject=Give Thanks for the One Percent). --------------------------------------------------------------- IN CASE YOU MISSED IT… ⏰ [One Day LIGHTNING Trade Pays 183%?]( ⏰ Short term trading is FUN. And once-in-a-lifetime gains can hit LIGHTNING FAST: - 1,333% in 7 days - 8,650% in 10 weeks - 1,500% in a week - 875% in 8 days - 529% in a week One of these Lightning Trades went up 183% in ONE day. Warren Buffett made $12 billion with the idea behind this strategy. Plus, these trades can be CHEAP. 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