How to Read the Internet and Why

The purpose of studying economics is not to acquire a set of ready made answers… ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ February 23, 2024  |  [Sign Up]( How to Read “the Internet” and Why “The purpose of studying economics is not to acquire a set of ready made answers to economic questions, but to learn how to avoid being deceived by economists.” – Joan Robinson [Special Reminder: In case you missed our late-day announcement yesterday, [The Real October Surprise]( The Essential Investor has merged with legacy contributors to Agora Financial. The new, larger, more inclusive project is called The Grey Swan Investment Fraternity. If you’re interested in the scope and benefits of our new endeavor, please see what prompted us to merge [here](. If you’ve been a member of The Essential Investor, please keep an eye out for your new benefits.] Dear Reader, February 23, 2024 – In our new publication, The Grey Swan Bulletin, we have a segment called “They Said What…!?!” It’s a collection of patently-absurd quotes curated from the news cycle. Case in point: On his Twitter (er, I mean, “X”) feed, the economist Paul Krugman posted the following comment: The obvious question to the average American who eats, lives under a bridge (or at least some kind of shelter), consumes electricity and gas or alternate source of energy is: “What?!?” If you’re polite, you might follow up that question with something like, “Hey Paul, what is this ‘owners’ equivalent rent’ you speak of?” Thank god for the internet, eh? There where civility is optional. The following are the first four actual responses to Krugman’s post: “Paul, have you ever considered you are a fucking idiot?” “When was the last time you did your own shopping, Paul?” “Food is at a three-decade high, homes have more than doubled in price in two years. And utility costs have gone through the roof.” “Who. Are. You. Talking. To.” And this one: Heh. If you have your own examples of quotidian absurdum please share them with me at addison@greyswanfraterny.com. CONTINUED BELOW... Forget about the 2024 election… Forget predicting if Biden will win (or if he’ll drop out)… Forget Trump’s new path to return to the White House... There’s a much bigger event on the way — [an October Surprise]( — that could blindside your wealth in a way no one else is warning you about right now. [« Click here to learn about the real October Surprise »]( CONTINUED... We’ve come to accept that civility is optional in our own reader mail, too. Thankfully, for sanity’s sake and our optimistic outlook on humanity, we occasionally appeal to the better angels of our readers’ nature. “It was once considered a virtue to be able to maintain a neutral perspective,” writes reader Stephen F., “by which you could better gather the facts and make decisions.” He continues: Many of us, for whom that is still true, find ourselves in a difficult position. It is now quite apparent that both media as well as private information sources are more compromised than ever. How does one tell anymore what is “good” or even worthwhile information without basically just having to believe in the source? I would appreciate your perspective. Thank you, sir, for the question. You might not like my answer, but here goes: A couple decades ago, we followed our graduate studies at St. John’s College in Annapolis, Maryland and Santa Fe, New Mexico. Reading chronologically from pre-biblical, ancient texts in Greek philosophy through to the early 1900s development of psychology, economics, math, science, and literature was a lot. One source recommended to digest a massive amount of words was Mortimer Adler’s How To Read A Book. Later, we also read Harold Bloom’s How To Read And Why. Here’s the digest version of what we learned from these two masters of the classics applied to the internet and constituent parts: Read analytically in three ways: - Consider the structure of what you’re reading. The basic topic and purpose. There’s a lot of crotte on the internet and social media that’s not worth your time. Consider the source and the purpose. - Whether you agree or disagree with the writer, interpret the writer's argument. Give the writer the benefit of the doubt. Read alternative, conflicting viewpoints and consider the support given. - Then… critique. Once you’ve read a bunch of material on the same subject, as we have done with Krugman, determine whether the writer has a valid point or is full of $hit. For our purposes in The Grey Swan project, we quote from our co-author Mr. Bonner, who took time from his latest masonry project in Ireland this morning to write: America is headed to ‘the most predictable crisis ever’ – a debt debacle. How the country prepares for…averts…or succumbs to that crisis is the number one financial story for the next decade. It will largely determine what happens to our savings and investments…and to the country itself. Why don’t we hear more about it? Already, the interest on our national debt has risen to over $1 trillion per year. This is not a ‘discretionary’ outlay. It has to be paid. And the amount will get larger as U.S. debt rises to $40 trillion…and then $50 trillion.  So, let us look at the reason we have so much debt, and what the elites who control our financial and military policies will do about it.  We read books on history, articles forwarded to us from our network of industry contacts and readers, we subscribe to more daily e-mails than we can possibly keep up with. Why? Mostly because we like to read and we find the human story fascinating. So much unfolds right in front of our eyes. We also have to make decisions… which macro-investment strategy to follow; which stocks are a good value and have a chance of going up; where and with whom to live, work and spend time; how to help plan for our kids’ future; stay in good health. Still, we have to admit we don’t know what’s going to happen next. And to answer the question more directly: for the most part, we don’t trust anyone. We can only read a lot, within reason, and try to determine where the primary trends are likely to lead… then, imagine ways to avoid the next calamity. So it goes, Addison Wiggin, The Wiggin Sessions P.S. “Dwight Eisenhower said it the best,” reader Joe G. writes addressing the political morass in which the United States and much of the Western economies find themselves. “Beware of the military industrial complex. Simple.” “Simple,” in concept, we agree. But next to impossible to deal with.  Ike also warned of a growing tech elite among the engineers and scientists employed by the military industrial complex. “Akin to, and largely responsible for,” Eisenhower observed to the nation in his farewell address in 1961, “the sweeping changes in our industrial-military posture, has been the technological revolution during recent decades. In this revolution, research has become central; it also becomes more formalized, complex, and costly. A steadily increasing share is conducted for, by, or at the direction of, the Federal government.” The last Supreme Allied Commander concluded his presidential farewell with this piece of advice for politicians: It is the task of statesmanship to mold, to balance, and to integrate these and other forces, new and old, within the principles of our democratic system-ever aiming toward the supreme goals of our free society…. As we peer into society's future, we-you and I, and our government-must avoid the impulse to live only for today, plundering, for our own ease and convenience, the precious resources of tomorrow. We cannot mortgage the material assets of our grandchildren without risking the loss also of their political and spiritual heritage. We want democracy to survive for all generations to come, not to become the insolvent phantom of tomorrow. It’s hard to imagine these days, isn’t it? A politician willing to admit the military is as much a danger as it is meant for defense? A public figure suggesting the technology we love and that drives the stock market might also lead to our undoing? Or anyone in the media warning about mortgaging the next generation’s future? Maybe the outgoing president didn’t foresee the rise of career politicians, residents of the empire’s seat of power, that would come part and parcel with both military and technical dominance over the planet. Eisenhower’s concerns achieved a whole new level of importance a half century later when the internet, itself a technological advance of the military, global communications and social media, began to tear apart the vestiges of honored institutions — free elections, free speech, freedom of movement, sound money — developed to maintain the old Republic. “Alas,” we concluded in our book Empire of Debt due out in April, “the Republic envisioned by Franklin and the Founding Fathers only lasted 124 years.” Please send your comments, reactions, opprobrium, vitriol and praise to: addison@greyswanfraternity.com The Daily Missive from The Wiggin Sessions is committed to protecting and respecting your privacy. We do not rent or share your email address. By submitting your email address, you consent to The Wiggn Sessions delivering daily email issues and advertisements. To end your The Daily Missive from The Wiggin Sessions e-mail subscription and associated external offers sent from The Daily Missive from The Wiggin Sessions, feel free to [click here.]( Please read our [Privacy Statement.]( For any further comments or concerns please email us at feedback@wigginsessions.com. If you are having trouble receiving your The Wiggin Sessions subscription, you can ensure its arrival in your mailbox by [whitelisting The Wiggin Sessions.]( © 2023 The Wiggin Sessions 1001 Cathedral Street, Baltimore MD 21201. Although our employees may answer your general customer service questions, they are not licensed under securities laws to address your particular investment situation. No communication by our employees to you should be deemed as personalized financial advice. We expressly forbid our writers from having a financial interest in any security they personally recommend to our readers. All of our employees and agents must wait 24 hours after online publication or 72 hours after the mailing of a printed-only publication prior to following an initial recommendation. Any investments recommended in this letter should be made only after consulting with your investment advisor and only after reviewing the prospectus or financial statements of the company. Sent to: {EMAIL} [Unsubscribe]( Consillience, LLC, Saint Paul Street, 808, Baltimore, Maryland 21202, United States