On Orioles and Areolas

"Simon, you mean like in Indiana Jones and the Temple of Doom?" [The Rude Awakening] July 12, 2023 [WEBSITE]( | [UNSUBSCRIBE]( On Orioles and Areolas - Brain farts and vocabulary make for funny situations. - How to avoid arguments over acronyms. - Not all Cobras are going to kill you. [“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.]( [Click Here To Learn More]( [Sean Ring] SEAN RING Happy Hump Day from steamy New York City! I had a great laugh when I disembarked from my airplane on arrival at JFK. I flew ITA Airways (pronounced EE-ta), and the staff is Italian. When the plane door opened, the flight attendant said, “Prego…” “Prego” means “You’re welcome” usually. But in this context, it means “Pray, go” or “Please go.” Upon hearing this, one of the airport staff asked her friend, “Isn’t Prego a can of tomato sauce?” I stifled a bellowing laugh. And then I remembered some pretty embarrassing faux pas on my part. I wrote the Rude edition precisely two years and one day ago. I’ve cleaned it up, but it still conveys the same meaning from back then. This morning, have a laugh at my expense! “It’s a Bird… It’s a Plane… It’s a….” [pub] Hung-Wah sent me a WhatsApp with this picture. Underneath the picture, the message read, "Isn't this the medical name for a nipple?” I burst out laughing. Of course, the words are very close. You don't need to be an ornithologist to know what an oriole is. You just need to be a baseball fan. Of course, an oriole is a bird. But an areola? It’s the pigmented ring of skin around the nipple. Unbeknownst to me, when I learned the word, the whole thing isn’t a nipple. The nipple is just the part where the milk comes out. Part of the reason why I was laughing so hard is because I remember where I first learned the word “areola.” I learned that word from a mutual friend of Hung-Wah's and mine, Adrian. Adrian is a charming, handsome dude with a full head of hair. The chicks loved him. He got laid like train tracks. One night, I remember talking in a London pub over our pints of Kronenbourg 1664, and we were describing our “perfect woman.” Adrian said, "I love women with perky nipples, but I don't like their areolas too big." I looked at him and said, "WTF is an areola?" He looked back at me and said, "Ah, you stupid Yank. The areola is the dark part of the skin around the nipple." I retorted, "I didn't even know they had a name for that." It brings me back to the point Socrates made 2,500 years ago: "The first step to knowledge is the definition in terms." I'm convinced we lose mountains of time because we don't know what we're talking about. To wit: acronyms. Everybody loves acronyms. Everybody in Singapore loves acronyms. Everybody in Hong Kong loves acronyms. I'm convinced part of the US government was invented to devise acronyms to hide all the shit they pull. But acronyms are dangerous. [America no longer a superpower because of Biden?]( [Click here to learn more]( [Ever heard of America’s “Doomsday Deal”?]( It’s a deal so vital to our country’s wealth and security… Every President for 50 years has defended it at all costs. Until Calamity Joe Biden. Biden broke the deal. And I now predict… The America we love is doomed. And the biggest wealth transfer in US history is now underway. [>>See the truth about Biden’s terrible mistake HERE<<]( [Click Here To Learn More]( Let’s Bring in Some SMEs. My good buddy Reto once told a story during one of his classes. He’s a great financial trainer, and we are still pretty close, so I hope he doesn't mind me using this story. It was about two Swiss executives across the conference table from each other, arguing over what now seems to be a ridiculous point. One manager suggested that they bring in some SMEs to study the problem. The other manager thought that was the most absurd idea he'd ever heard. "Why would we want to bring in SMEs to discuss this problem? That's a dumb idea." The conversation lasted for a good five minutes, with them arguing increasingly acrimoniously. But one had the good sense to say, "Hang on a minute. What do you mean by SMEs?" The other replied, "Subject matter experts." The one who had asked the question rolled his eyes and sheepishly said, "I'm very sorry. I thought you were talking about small-medium enterprises." These are highly paid adults, I hasten to remind you. Fancy a Cobra? That reminds me of the most embarrassing incident when I first moved to London. It's also one of the most hilarious. Luckily, it happened long enough ago for me to enjoy retelling the story. When I first secured my transfer to London, my boss, Enver, who I mentioned in a previous Rude, was pretty upset about it. But he quickly overcame it and came to London for a business meeting. We decided to go out to dinner with our good friends and colleagues, Simon and Rob. It was just going to be a nice night out, but I had never had curry before. That sounds ridiculous because thousands of Indian people live in New Jersey. But my parents just hate spicy food, so I never ate Indian, Thai, or Mexican until I got older. Incredibly, I love all those cuisines now. Let me preface this for you. If you're American, you know, when we go out, we get drunk and usually get a slice of pizza. Or if you're in Philly, you get a cheesesteak. I’m sure other cities have their favorite drunken food of choice. As England was the colonial overlord of India for centuries, you usually get curry. Or maybe a kebab. But curry is everyone’s first choice. The boys took me to this lovely place called Mala in St. Katharine's Dock. (It’s since relocated to Westferry Circus.) It was right next to The Dickens Inn, a pub I loved. So we went out and had a couple of pints first and then went to Mala. This was my first time, so I said, "You guys need to order for us. I have no idea what this food's about." My only reference to Indian food was watching movies, so I let them handle it. They first say to the waiter, "Can we get a few papadums and four Cobras?" I said, "Okay," and the conversation continued as if nothing had happened. Increasingly, sweat was covering my brow, and no one seemed to bat an eyelash over those Cobras. I was like, "Ah, that's pretty interesting." I was sitting here across from Simon, who had been guiding me around England, who's one of the best dudes I've ever known. He's still working in the City of London. I looked at Simon and said, "Cobras." He went, "Yeah, of course." I said, "Of course." About two minutes later, I looked at him again and went, "Cobras?" He went, "Yeah, Cobras." And I just couldn't help myself any longer. The suspense was killing me. I looked at him and said, "Simon, you mean like in Indiana Jones and the Temple of Doom?" [pub] That microsecond, the waitress put down four Cobras. [pub] Beer. Simon wet himself laughing. Rob and Enver were cracking up. I had never been so embarrassed in my whole life. And that was my first night's journey in learning what would become my second language, British English. Maybe that’s why I’m so hung up on vocabulary, terms, lingo, and jargon. Luckily, no harm was done. But boy, there are some potholes in business you don’t want to run over for not speaking someone’s language. I hope that brought a smile to your face. Have a great day today! All the best, [Sean Ring] Sean Ring Editor, Rude Awakening Twitter: [@seaniechaos]( In Case You Missed It… A Tuesday Mailbag [Sean Ring] SEAN RING Happy Tuesday! I had 9.5 hours on my hands as I flew from Milan to New York. So I decided to dive into the mailbag. I’ll tell you something: you people are impressive! It’s a joy reading what you write. Please, please keep doing it and sending it to feedback@rudeawakening.info. In this edition of the Rude, I’m going to print the entirety of some letters because they’re so informative. Let’s start with Sicily. Canti, Pistacchio, and Quick Trips Hello Sean, Thanks for the wonderful postcard from Sicily. I wrote to you before and advised I am learning Italian because both my wife and I are working to obtain our Italian passports via her Italian mother. It was fun translating the locations you visited, but your item “F Quattro Canti" you translated as "four corners". This may be what the locals call it, but I think the actual translation is “four songs”, correct? I don’t mean to be picky, but I am struggling with many Italian words that mean several different things in English. I’d appreciate your explanation to help me learn. Thanks, Ed C. Thanks for writing, Ed. First, I’m so pleased you and your wife going for your Italian passports! I’m sure you’ve got the process under control. But if you’d like me to direct you to the lawyers that helped my family get ours, please write in again. I’m so thrilled with their work, I rehired them to get us through the process of buying a house. Now, to your excellent question. Here’s what I dug up: In Italian, the word "canto" has multiple meanings depending on the context. One common meaning is "song" or "singing," referring to the act of vocalizing or a musical composition. It can also refer to a verse or section of a long poem, such as in Dante's Divine Comedy. Reading Dante was where I first saw the term. Additionally, "canto" can be used to describe a corner or an angle in architecture. That’s how I think they’re using it, but… …one more I heard in passing is that “canto” can be used like “canton” in Switzerland. So the Quattro Canti may refer to where the four cantons, or quarters, meet. Needless to say, it’s a commonly used word in Italian. Keep up the great work! Hi Sean, I read your articles every day with enthusiasm. Great article about Palermo and environs. In the spring of 1972, I was a student at the Stanford-run Intercollegiate Center for Classical Studies in Rome, which still exists under the auspices of Duke. [The CENTRO – Intercollegiate Center for Classical Studies in Rome (thecentrorome.org)]( On our spring field trip we saw the Capella Palatina, the Cathedral of Monreale, and many other treasures in and around Palermo. We were doing a three-day circuit of Sicily after visiting Roman sites in Tunisia. Don't miss Taormina (ancient Tauromenium), which was our last stop before hopping an overnight train (24 people in four six-berth second class couchette compartments!) for Naples. The Straits of Messina operation is or shortly will be the last place in Europe where you can ride a passenger train on a ferry; details on The Man in Seat 61 website [The Man in Seat 61 | The train travel guide]( Taormina is all magic. Didn't get to historic Enna or to Piazza Armerina to see the famous "Bikini Girls" in the Roman villa there. [Villa Romana del Casale - Wikipedia]( Best wishes and keep up the good work! Robert E. Villanova Law '76 Thank you for the kind words, Robert. I can’t tell you how much I admire people like you, who used their time at university wisely. I watched Keith and Dan on SportsCenter every night. You traipsed around the Med. Well done, indeed. Your message is especially timely because Pam and I know we missed a bunch. In fact, we were at one of Micah’s friend’s birthday parties yesterday when we ran into our friend Andrea. We told him we went to Sicily for a holiday. He told us he’s been there at least twenty times. It’s his favorite place. And he mentioned the same spots you have! As a side note, I went to Tunis to see Carthage and the Punic ruins back in ‘06. I was wearing a Tilley (not a fedora) when one of the Tunisian merchants said, “Welcone to Tunisia, Dr. Jones.” I loved it! Hi, Loved your mini tour of northern Sicily. My ancestors hailed from a small mountain town above Palermo called Gesso. Actually most of the NJ town of Hammonton where I grew up were from Gesso. The only correction I have is that the pistachio cannolis are the best I've ever had. Hopefully you'll check them out next time. Sincerely, Judith M Judith the Joisey Girl, challenge accepted! I will try the pistacchio next time I’m there and will let you know. And thanks for writing! Sean, Thanks for the mini-tour! How safe did you feel walking around in Sicily in general and Palermo in particular? Drive on the right side of the road? Condition of hotel(s) you stayed at? Any seaside? Jim T. My man Jim T.! I hope you’re well. First, thanks for sending me that great picture of where you used to work. Seeing things like that does my heart a world of good, especially when America was that shining city on the hill. Regarding Palermo, I felt very safe. But after my years of traveling, I’m usually good at not wandering into bad neighborhoods. Though we did take a wrong turn around the Mercato di Ballaro into a marijuana party, but there was no harm. Sicily is ancient and Palermo can use a damn good sweeping, but the centuries of dirt are part of its charm. Our taxis drove us on the right side of the road. All of Italy and continental Europe drives on the right side. Only the British and Irish drive on the left in Europe. Our hotels were great, actually. We stayed at the Mercure in Palermo and got a huge room. Nice and clean, as well. As for the rest, we stayed at Mangia’s Pollina, which is a cheaper family oriented resort. I would only go back if Micah really wanted to. It’s a nice excursion if you’ve got kids. The water is crystal clear. But the beach was pebbly and the waves were quite rough, as it is near rocks and cliffs. So we stayed by the pool most of the time, which isn’t my ideal. Thanks for writing in! [Hey, It’s Jim Rickards Here]( I need your attention immediately. [My big announcement]( comes down on Wednesday at midnight. If you haven’t already, [click here now to see it.]( Trust me, you do not want to miss out on what’s coming. [Click Here To Learn More]( “But We’re Better Pirates!” Cries the UK! All That Glitters… Greetings, Sean! Elsewhere, I've seen thumbs down on GLD: In contrast to, for instance, Sprott Physical Gold Trust (PHYS), GLD isn't fully allocated and unencumbered. That invites “counter-party risk," since GLD uses custodians and subcustodians to source and hold gold, as do many ETFs. Custodial banks can and sometimes do fail. Ditto for subcustodians. If a Crisis strikes — say, a Western currency collapses, the U.S. dives into a debt spiral, civil or global war breaks out --- gold prices would likely skyrocket...triggering the unraveling of all lending agreements, as lenders call in their gold. In light of all that, wouldn't you, too, prefer Sprott? TIA! Hans K. What a great question, Hans! Here’s my take, after doing some research and a bit of thinking. If we have that kind of crisis, no paper is safe. But I think if you’re in a large, liquid ETF, there’s a good chance of being made whole somewhere down the line. HSBC USA is GLD’s custodian. It’s a Systemically Important Bank. Its gold is kept in vaults in London. Yesterday I wrote about how the UK government is seizing stuff. But can they seize gold that US hedge funds hold in great quantities? Doubtful. Regarding Sprott Physical, I see absolutely nothing wrong with it. I respect Mr Sprott and his colleagues immensely. Its custodian is the Royal Canadian Mint. The Royal Canadian Mint is a crown corporation in Canada, responsible for producing and distributing the country’s coins and managing its currency system. It is a federal entity owned by the Government of Canada. I hate to answer questions with questions. But if we had the kind of crisis that we’re worried about our holdings, do you trust Justin Trudeau more than you trust HSBC USA? Ok, here’s my conclusion: if you’re worried about gold seizure, get yours out of ETFs and into physical stuff you can bury in your backyard. If you prefer the convenience of trading the price of gold via ETFs, GLD or PHYS or even SGOL are all fine. But GLD is the most liquid, so I’d stay there. Dear Sean, From your last mailbag you showed how the US doesn’t have to buy much gold. My question is: who controls that gold? Marc B. Marc, that’s the sixteen trillion dollar question, isn’t it? The People of the United States own it (allegedly), but certainly don’t control it. The Treasury surely thinks it’s theirs to control. Its on the Fed’s vaults (allegedly), but we don’t audit the Fed. As Philosopher-Truck Driver John Ring often says, “Possession is nine-tenths of the law.” Wrap Up Special thanks go to Nick M., Damon C., and Bill V. for their kind words. I think I got everyone, but if you think I missed you, just write again to feedback@rudeawakening.info. All the best, [Sean Ring] Sean Ring Editor, Rude Awakening Twitter: [@seaniechaos]( [Paradigm]( ☰ ⊗ [ARCHIVE]( [ABOUT]( [Contact Us]( © 2023 Paradigm Press, LLC. 808 Saint Paul Street, Baltimore MD 21202. By submitting your email address, you consent to Paradigm Press, LLC. delivering daily email issues and advertisements. To end your Rude Awakening e-mail subscription and associated external offers sent from Rude Awakening, feel free to [click here.]( Please note: the mailbox associated with this email address is not monitored, so do not reply to this message. We welcome comments or suggestions at feedback@rudeawakening.info. This address is for feedback only. For questions about your account or to speak with customer service, [contact us here]( or call (844)-731-0984. 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 allow the editors of our publications to recommend securities that they own themselves. However, our policy prohibits editors from exiting a personal trade while the recommendation to subscribers is open. In no circumstance may an editor sell a security before subscribers have a fair opportunity to exit. The length of time an editor must wait after subscribers have been advised to exit a play depends on the type of publication. All other employees and agents must wait 24 hours after on-line 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. Rude Awakening is committed to protecting and respecting your privacy. We do not rent or share your email address. Please read our [Privacy Statement.]( If you are having trouble receiving your Rude Awakening subscription, you can ensure its arrival in your mailbox by [whitelisting Rude Awakening.](