A New America Needs Old Hickory

Fascism! How Dare You? [Morning Reckoning] May 11, 2023 [WEBSITE]( | [UNSUBSCRIBE]( A New America Needs Old Hickory - The government combined with business is corporatism, otherwise known as fascism. - Yes, I just called the current American system fascist, and it has nothing to do with one Donald J. Trump. - None of our current candidates for the highest office in the land holds a candle to Old Hickory, whose character we desperately need to break this cycle. [Have you opted-out of the radical democrats “green new scam”?]( If you live in any of the following 43 states… [Click here to learn more]( You need to [click here and prepare for Biden’s next attack on American patriots.]( [LEARN MORE]( Asti, Northern Italy May 11, 2023 [Sean Ring] SEAN RING Hi Reader, Good morning from il bello Piemonte! I’ve got some great news brought to you by Paradigm Press. Next week, I’ll be in Jekyll Island, Georgia, with the inestimable Jim Rickards, Danielle DiMartino Booth, Matt Insley, Zach Scheidt, Dan Amoss and Daily Reckoning Editor Brian Maher. Believe it or not, I’ve never met my colleagues face to face, so I’m thrilled. But here’s where it gets great for you, too! [On Wednesday, May 17th, at 1 pm ET, Jim and Danielle take the stage live from Jekyll Island — a place where one of the most important (and secret) meetings in history took place.]( Clicking the link above automatically registers you for The Secret of Jekyll Island Livestream Broadcast, but does not obligate you in any way to attend the event. By reserving your spot, you will receive event updates. We will not share your email address with anyone. And you can opt out at any time. [Privacy Policy.]( We return to the scene of the secret meeting. Some might even call it “the scene of the crime.” I sure do. The exact spot where the idea of the Federal Reserve was born. With the past 14 months entirely focused on the Federal Reserve’s historic rate hikes, now’s the time for bold new insight and forecasts of what’s to come. We want you to join us, free of charge, gratuito, so to speak, as a thank you for being such amazing subscribers. Feel free to pass this around to as many people as you like. There’s no limit to the number of people who can sit in on this fantastic discussion. You’ll have Jim and Danielle - a former Fed insider herself - all to yourselves for two hours. I can’t wait to listen to myself. Again, this livestream is free, with no hard sell at the end. We’re grateful and want to do something we thought you’d enjoy and profit from. If you can take a two-hour lunch on Wednesday, do it. And bring some friends along. That’s just fine with us. [>>Click Here to Reserve Your Spot<<]( Clicking the link above automatically registers you for The Secret of Jekyll Island Livestream Broadcast, but does not obligate you in any way to attend the event. By reserving your spot, you will receive event updates. We will not share your email address with anyone. And you can opt out at any time. [Privacy Policy.]( I can’t wait to see you there! Just thinking about heading to Georgia this time of year takes me back… The Music of 1997 In the summer of 1997, three songs were played over and over and over again on the radio. They were Building a Mystery by Sarah McLaughlin, Sunny Came Home by Shawn Colvin, and Where Have All the Cowboys Gone? by Paula Cole. All day. Every day. On every radio station, it seemed. And good songs, they are. Colvin’s Sunny Came Home is about renewal, while McLaughlin’s Building a Mystery is a love song. But Paula Cole’s song seemed the neediest. I used to drive around after work - my career had just begun - and listen to these songs all the time. My goodness, America was amazing back then. The long twilight, the windows down, the breeze blowing through what little hair I still had… it was glorious. It’s hard to believe it was over a quarter of a century ago. Colvin and McLaughlin would take the Grammys by storm in 1998. Cole was runner-up to them in three categories. But here in 2023, I find myself wondering, “Where have all the cowboys gone?” [Urgent Notice From Paradigm CIO Zach Scheidt!]( [Click here to learn more]( Hi, Zach Scheidt here… I’m the Chief Income Officer at Paradigm Press. With inflation raging (and showing no signs of coming to an end any time soon), almost everyone in America is feeling the pain in a big way. Which is why, several months ago, I set out on a big mission… my goal was to create a [complete, step-by-step plan to surviving and beating inflation]( one that anyone could take advantage of. Today, after hundreds of hours of research, I’m revealing all of my findings. [Simply click here now to see how to survive America’s deadly inflation crisis](. [LEARN MORE]( Fascism! How Dare You? I’m convinced America just sleepwalked into it. Everything was going so perfectly back then. Greenspan was a cool, loose hand on the monetary spigot. Clinton made welfare into “workfare” and controlled the fiscal spigot. Cry foul all you like, but the simple fact is Bill Clinton’s last four budgets were surpluses. [chart] Credit: [FactCheck.org]( Yes, surpluses. Forgive me. Whippersnappers out there may not know what that is. A surplus is when government receipts from taxation exceed government spending. Yes, I know it’s nearly impossible to believe, but it can happen. In fact, it was so true the US Treasury stopped issuing 30-year bonds in October 2001. (Of course, the UST started to reissue them in 2006… oh well!) In the 90s, the Clinton administration and Wall Street were so damn cozy that Secretary of the Treasury and alleged genius Larry Summers helped tear down the Glass-Steagall Act that separated commercial and investment banks. That act alone should’ve put him in front of a firing squad. “But Sean, you’re a libertarian, I thought?” Sure, you can tear down that wall, if you let the banks fail. We didn’t. And we never will. Later, Summers also threw his support behind the Commodities Futures Modernization Act of 2000. That effectively deregulated the global market in over-the-counter (OTC) derivatives and was Summers's crowning achievement (his word, not mine). Those two mistakes essentially caused the Great Financial Crisis of 2008. But this isn’t about Summers. This is about the marriage of corporate interests and government. He’s merely the poster boy of a revolving door system of government and private sector workers wrecking the country. No, we need someone in Washington who wants government and business to go to their neutral corners for a few years so we can sort out this insidious nouveau fascism. And I know just the man for it. His name is Andrew Jackson. Unfortunately, he’s been dead for nearly two hundred years. Old Hickory Andrew Jackson, the Seventh President of the United States, was nicknamed "Old Hickory" because of his strong and resilient personality. One of the primary reasons for the nickname "Old Hickory" was Jackson's leadership during the Battle of New Orleans in the War of 1812. He commanded American forces against the British and achieved a decisive victory. His troops described him as stern and unyielding, comparing his resoluteness to hickory wood, known for its strength and durability. Jackson was known for his strong-willed and stubborn personality. He was steadfast and resilient. He exhibited a determined and unwavering approach to pursuing his goals and defending his beliefs. Jackson was a tall, wiry man with a weathered face, and his robust physique further contributed to the comparison. His nickname "Old Hickory" also influenced his populist appeal. It reflected his image as a man of the people who was relatable and represented the common folk. He seemed familiar and approachable. Do any of the frontrunners on either side bear an even passing resemblance to this man? The Second Bank of the United States (But Not Last, Unfortunately) But my favorite reason for admiring Jackson is his destruction of the Hamiltonian monstrosity known as the Second Bank of the United States. He did this for five reasons, which I’ll list below. I warn you: these may all sound eerily familiar. Concentration of Power: Jackson disliked the concentration of economic and political power in the hands of a few wealthy elites. He believed that the Second Bank of the United States, as a central bank, was controlled by a small group of individuals who had undue influence over the nation's financial system. He saw it as a threat to the democratic principles and equal opportunities he championed. Lack of Accountability: Jackson viewed the Bank as an unaccountable institution. It operated with little transparency, and its decision-making processes needed to be subject to sufficient scrutiny. He rightly argued that such an institution, wielding significant power over the economy, should be subject to democratic control and oversight. Suspicions of Corruption: Jackson thought the Bank was corrupt. He believed the bank's president, Nicholas Biddle, and his associates used their power and influence for personal gain. Economic Concerns: Jackson believed the Bank favored the interests of the wealthy and privileged classes and saw it as an impediment to economic growth and opportunity for ordinary citizens. He thought the bank's policies, such as restricting credit to specific regions or industries, hindered economic development and favored the elite. States' Rights: Jackson was a strong proponent of states' rights, believing states should have more control over their affairs. He saw the Bank as an extension of federal power and believed its existence encroached on the states' rights to regulate their economies. As Roger Daltrey once sang, “Meet the new boss/same as the old boss.” But luckily, Jackson prevailed in the Bank War of 1832. The Bank War of 1832 In 1832, the Bank's president, Nicholas Biddle, sought an early recharter of the Bank, hoping to secure support from Congress and force Jackson into a politically dangerous position. The bank's charter was not due to expire until 1836. Jackson used his presidential veto power to reject the recharter bill. His veto message resonated with the public, and he won the 1832 presidential election with significant popular support. His victory encouraged him to go for the Bank’s jugular. Jackson initiated the removal of federal deposits from the Bank, transferring them to state banks, which he considered more democratic and accountable. These state banks became known as Jackson’s "pet banks." The transfer of funds to pet banks led to a surge in lending, fueling economic growth, inflationary pressures, and speculation. The Second Bank's charter expired in 1836, and Jackson's opposition effectively prevented its rechartering. Although the Bank continued to operate as a private institution for a few more years, it lost significant influence and power over the nation's financial system. It was finally liquidated in 1841. And that, my friend, is today’s feel-good story! Wrap Up Yes, it can happen. The “Creature From Jekyll Island” can be returned from whence it came. But who’ll do it? RFK Jr.? Trump? De Santis? Nikki Haley? Joke Biden? Come on! None of them got the Mott’s. If only we could get Old Hickory back! Or maybe we should’ve just listened to Ron Paul. Have a great weekend! All the best, [Sean Ring] Sean Ring Contributing Editor, The Morning Reckoning feedback@dailyreckoning.com ‘Secrets of Jekyll Island’ A LIVESTREAM Broadcast with Jim Rickards & Danielle DiMartino Booth [Jekyll Island] On Wednesday May 17th at 1pm EDT you can watch live, exclusively through your access link from the comfort of your own home, as two of the world’s foremost thought leaders deliver world class economic insight. [Click Here Now to Reserve Your Seat]( Clicking the button above automatically registers you for ‘Secrets of Jekyll Island’ but does not obligate you in any way to attend the event. By reserving your spot, you will receive event updates. We will not share your email address with anyone. And you can opt out at any time. [Privacy Policy](. [“The Mainstream Media Is Lying To You!”]( The media would have you believe that the worst of the supply chain issues are over. But the opposite is true… Behind the scenes, things are getting much, much worse. Bob Biesterfeld, CEO of one of the biggest logistics firms in the world, warns “the pressures on global supply chains have not eased, and we don’t expect them to any time soon.” This is going to impact every American’s life in a potentially major way… And I’m urging everyone I can to prepare now. [To see the #1 move to make before this problem gets any worse, click here now.]( [LEARN MORE]( In Case You Missed It… Dancing on the Bubble’s Grave Greg Guenthner, Editor [Greg Guenthner] GREG GUENTHNER Good Morning Reader, Moving at the glacially slow pace that only the government can maintain, our medical overlords at the World Health Organization on Friday officially declared an end to the “global emergency status” for COVID-19. With the pandemic officially in the history books, I also wasn’t surprised to see retail speculators have thrown in the towel on their favorite bubble stocks. Yes, the Covid Bubble buying frenzy is now dead and buried, according to the analysts at Goldman Sachs. By Goldman’s proprietary calculations (and perhaps a healthy dose of common sense) retail investors started to ditch their holdings in early 2022 as the major averages lurched lower. “The selling intensified in early 2023, and we estimate retail investors have now sold more than twice what they acquired during the pandemic," a Goldman research note declares. There you have it – the retail bubble speculator has left the building. Pour one out for the last Wall Street Bets bucketeer as he sells his AMC shares and remaining Dogecoin for a loss and closes his Robinhood trading account. Not only are they selling their meme stocks – these poor souls are also stitching other “stable” investments, even ETFs. The psychology is simple: persistent downside action has soured sentiment throughout even the more stable areas of the market. It’s the circle of life – at least, for the stock market. Main Street investors pile into the red-hot, popular stocks in an attempt to strike it rich. During the Covid Bubble, this meant chasing meme stocks like GME and AMC, cryptocurrencies, tech-growth, the trendy work-from-home names, and cult stocks like TSLA. Of course, the short-term returns were outrageous at the height of the bubble in late 2020 and early 2021. But as the months wore on and additional gains in the unprofitable tech basket failed to materialize, speculators began to trickle toward the exit. By the time the broad market [Shocking Backdoor Crypto Play – LIVE on Camera!]( Crypto millionaire James Altucher just received a strange box that could COMPLETELY change how you look at cryptos: [Click here to learn more]( [CLICK HERE to See What’s In the Box]( He opens it live on camera, and shares details on the strange device that’s delivered everyday Americans over $1,170 per month in passive crypto income. [Click here to discover it for yourself now](. [LEARN MORE]( Throwing in the Towel To be clear, I’m not here to dance on the graves of the struggling bubble buyers. I’m much more interested in using this information in an attempt to gauge sentiment extremes – and figure out when market conditions will improve, along with what investments will outperform as we leave the latest bubble era behind. First, a quick question: Have maddening market conditions tempted you to sell your investments and hide under a rock? I assure you the retail investors aren’t the only folks throwing in the towel. Even so-called professional investors have given into their frustrations and sold out of stocks at some point over the past two years. While the major averages haven’t fallen to new lows this year, they’ve also failed to break out above key levels that would trigger meaningful technical buying. The result is chop… a lot of chop! We can clearly see this indecision across a variety of sectors and asset classes. Crude has traded in a wide range for more than five months, most recently exploding into the mid-$80s in April before abruptly flash-crashing to $65 last week. It has since recovered and is back to trading where it was in… early December. Any recent bets long or short have suffered from severe whipsaws. Precious metals have also frustrated traders for the past six weeks. Gold futures finally got legs and made a run above $2,000 in early April. But any positive follow-through has been sporadic at best, with prices swinging from the $2,060s back into the $1,980s. Then there’s the ebb and flow of large-cap stocks so far this year. The S&P kicked off 2023 by powering off its lows with a double-digit January rally, only to give back almost all of this move by the end of February. More recently, it’s flirted with rallies and drops around the 4,100 level (we discussed the importance of a breakout at 4,200 [last week](. No matter where you turn, back-and-forth market conditions and the absence of clear-cut breakouts – or breakdowns – is causing some serious frustration amongst traders and investors. [Send Me Your Mailing Address!]( [Click here to learn more]( The biggest gold bull market in history has just begun. That’s why New York Times best-selling author Jim Rickards has arranged to send his must-read book on gold to any U.S. citizen with a valid mailing address today. [Click here now to see how to claim your copy of The New Case For Gold](. [LEARN MORE]( Turning the Corner Capitulation is a rare and powerful force. There’s an old market adage that says “if the market doesn’t scare you out, it will wear you out.” We experienced some terrifying drops last year. But there’s nothing scary about this recent market action. Instead, stocks are grinding away, wearing down the resolve of anyone who managed to survive last year’s dismal drop. If Goldman’s calculations are true and the last retail speculator has flicked off the lights and slammed the door shut, we could begin to enjoy more favorable market conditions – especially if sold-out bulls begin to chase any emerging rallies. Could there be no one left to sell? It’s possible. I’m especially interested in how the old tech-growth names react over the next several weeks. We’re slowly beginning to see some favorable earnings reactions throughout this beaten-down group – many of which have been building wide bases for a year or more. If breakouts start to stick, fast gains could follow. These stocks won’t necessarily turn into long-term market leaders. But when it comes to the cleanest set-ups, some follow-through momentum to cap off the January move off the lows isn’t out of the question. Let me know what you think of this article, or if you have any feedback, suggestions or questions by emailing me [here](mailto:feedback@dailyreckoning.com). Best, [Greg Guenthner] Greg Guenthner Contributing Editor, Morning Reckoning feedback@dailyreckoning.com Thank you for reading The Morning Reckoning! We greatly value your questions and comments. Please send all feedback to [feedback@dailyreckoning.com.](mailto:dr@dailyreckoning.com) [Sean Ring] [Sean Ring, CAIA, FRM and CMT]( is a former banker and financial educator and is the editor of the Rude Awakening. Sean has trained interns and graduates from Goldman Sachs, Morgan Stanley, Citi, Bank of America, Standard Chartered Bank, DBS (Singapore), the Abu Dhabi Investment Authority (ADIA), Bank Indonesia (the central bank), HSBC, Barclays, RBS, and BlackRock. He knows the global economy is being corrupted by forces that most people can't understand and has used his unique and worldly experiences to help people navigate the markets. [Paradigm]( ☰ ⊗ [ARCHIVE]( [ABOUT]( [Contact Us]( © 2023 Paradigm Press, LLC. 808 Saint Paul Street, Baltimore MD 21202. 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