Biden Bucks and Solar Power(less)

This mailbag is filled with treats. [The Rude Awakening] November 17, 2023 [WEBSITE]( | [UNSUBSCRIBE]( 📈📈📈📈📈📈📈📈 Publisher’s Note: Trading is back! With inflation cooling, Wall Street is feeling more confident — pushing the markets higher. It’s creating the perfect conditions to score some big, fast profits from surprising stock moves. And our resident Trading Expert, Greg Guenthner, is ready to guide you to the best opportunities. So we’re inviting you to watch LIVE as Greg shares his next top trade of the week. Mark your calendar for Tuesday, Nov. 21, at 11 a.m. ET to join his LIVE interactive broadcast. And put away your wallet, because this Zoom is completely free to attend. [Just click here to sign up for Greg’s Top Trades LIVE, Tuesday, Nov. 21, at 11 a.m. ET.]( Clicking the link above automatically registers you for the free e-letter Top Trades Live, but does not obligate you in any way to attend the live Zoom event. By reserving your spot, you will receive event updates along with the Top Trades Live e-letter. We will not share your email address with anyone. And you can opt out at any time. [Privacy Policy.]( 📈📈📈📈📈📈📈📈 Biden Bucks and Solar Power(less) [Sean Ring] SEAN RING Dear Reader, I’ve neglected the mailbag for too long, and it’s overflowing. Today, I’ve not answered anything related to Israel-Hamas to keep our blood pressure readings low heading into the weekend. Let’s begin. Snake Oil Salesmen Hunh?? You spent an entire column recounting Cameron's failures and weaknesses, then ended by saying, "If it weren't for his track record, you'd like the guy. He's smart, married to a beautiful, successful woman, and has great kids." Admiration for charming, good-looking rogues and snake-oil salesmen is what's gotten us into trouble so many times before. Thank God we only elect sober, thoughtful, infallible statesmen here in the US and always give them our full support. Damon C. Damon, I sympathize. Liking a person and thinking they’re competent are two different things. And admiration - again, not the same as liking - doesn’t get us into trouble; stupid voting does. I’d feel much better if he was a fishmonger or a carnival barker. The world would be much safer that way. Biden Bucks and Black Markets Hi, Sean. I wanted to weigh in on your essay, musing, "Will they let you buy marijuana?" Really? Does anyone believe that The Powers That Be would allow us to donate to a, well, disfavored political candidate or cause? Or buy gasoline? Or guns? Mike F. Hi Mike. The answer is “No.” That’s why they’re so dangerous. I wrote [this dystopian piece on CBDCs]( last year. Enjoy! Sean, Great article on digital currencies, but I have a question. You, Rickards, and many others recommend that we diversify into gold and other real assets, but if/when such currencies and controls are in place, who could we sell our gold to, assuming we need the money/value to pay for current needs? I would assume in such a case that only people or entities approved by the government would be authorized to purchase gold, for example, and then only at a price approved by the government. And once we have sold it, we would not be authorized to buy any more. The same would likely be true for Bitcoin or any of the other "stores of value" that we would own with the hope that they would protect us from said controls. I can imagine that there might be a few people who would sell property directly for gold coins, but even registering the sale would expose both buyer and seller to regulatory inquisitors. Thus, every transaction would require moving into or out of the digital currency, and thus be exposed to scrutiny. Do you really think that holding gold, silver, or other such assets would provide any real protection? It would almost require a black market of sorts or at least a gray one, and since every transaction will be recorded and saved forever, even suspicions raised years or decades later could be examined in detail. Throw AI search capabilities into the mix, and the result will be truly dystopian. I hope I am missing something, and the situation is not so dire. If you see any hope, please consider it as fodder for a future Rude. Thank you! Gordon F. Gordon, you’re right about black markets. That’s precisely what would develop - and probably will - after this government’s asinine policies bear fruit. In my considerable experience (working for a Swiss bank), there’s always a way around the government-imposed problem. For crypto, you’d have to look at something like [Monero]( which is far more secretive than Bitcoin. Sean, honest question. Isn’t offshore banking just as worrisome as banking in the United States? Sometimes change occurs rapidly and being nimble becomes a pipe dream. Seems there may be other alternatives? Thanks for your continued insights, Neil C. Hi Neil. I don’t think offshore banking is worrisome. Remember, HSBC in London or Hong Kong is “offshore” relative to the US. So, you don’t need to deal with shady small banks in unregulated jurisdictions to secure an offshore bank account. And practically all banks have apps, making it easy to make instantaneous transfers. I have bank accounts worldwide; they’re good places to keep cash. And with a service like [Wise]( you can transfer your cash into different currencies and other bank accounts for a fraction of the usual cost. External Advertisement [Reverse ‘money machines’ popping up across America]( Machines like the ones in this picture are popping up all across America. If you’ve been to a concert venue, stadium, or airport, you’ve almost certainly walked by one without knowing. The experts are calling it a 'Reverse ATM' They’ve been installed at places like Citizen’s Bank Ballpark in Philadelphia… They’ve even been used at the Super Bowl. Why are these machines suddenly appearing out of nowhere? And what does it mean for your money? We’ve recently arranged an interview with former Goldman Sachs managing director, Dr. Nomi Prins, to get her take. There’s nobody in America who’s more aware of the inner workings of the banking system. In the interview, Dr. Prins explained these strange ‘reverse ATMs.’ And she said she expects them to play a key role this Summer as our nation’s financial system is overhauled for the first time since 1971. According to her research, many Americans will be blindsided by what’s to come. BUT, folks who understand the ‘Reverse ATM’ phenomenon before it becomes obvious to the average American could actually profit in the weeks ahead. To help folks prepare, she’s recorded a briefing that explains exactly what she sees coming, how it will play out, and how much time you have to prepare. [Click here now to see Dr. Prins’ free presentation.]( [Click Here To Learn More]( AI Won’t Kill You, I Promise… Sean, Love your Rudes. You asked both ChatGPT and giant-brained James Altucher whether AI could turn lethal against its creators. While I’m looking forward to hear what Altucher has to say, the more I read ChatGPT’s answer the more I (brain-lite) disagree with Altucher (giant brain). God have mercy on me, Sean, but I spent the last 30 years of my work-life reading government-speak. While Oatmeal-for-brains in the Oval Office can sling BS with the best of them, AI just buried you in an avalanche of premium BS. Remember HAL, the 1968 movie 2001: A Space Odyssey? HAL (the 3 letters preceding I.B.M.) was the embodiment of AI, which sought to kill the only human on the spacecraft because the human, like Old Oatmeal-for-Brains, represented a net negative proposition, thus qualified for elimination. Sounds sorta like the ongoing Democrook presidential primary, doesn’t it? So, if AI’s got your back, you’d damn well better be watching your 6. Faithful reader. Bill W. Thank you for the kind words, Bill. If you haven’t watched [my interview with James]( yet, please do. He’s excellent and gives complete answers. Also, I wrote about [HAL for the Morning Reckoning]( in March. Enjoy! Solar Power(less) One of the best articles I have read on Solar. The amount of TIME the sun actually is seen and felt is THE most important factor in solar power and charging. Thank you. Myron H. Sean, You neglected to mention that in London, on the first day of winter, when there are barely 8 hours of daylight, the sun, at noon, is barely 15 degrees above the horizon, assuming the sky is clear so you can see it. And since most of England lies to the north of London, the situation in the rest of the country is worse. Gordon F. Cuenca, Ecuador (where we are almost 3 degrees south of the equator, but likewise have a lot of cloudy days) Thank you both! And Gordon, thanks for doing that math. I knew the sun never rose too high in the winter. I didn’t realize just how low it was. Have a wonderful weekend! All the best, [Sean Ring] Sean Ring Editor, Rude Awakening X (formerly Twitter): [@seaniechaos]( In Case You Missed It… “The Middle Ages’ Richest Man Revolutionized Finance” [Sean Ring] SEAN RING This week, [my interview with German economist, gold expert, and author Thorsten Polleit]( hit the Paradigm Press YouTube Channel. We talked about everything from the deindustrialization of Germany… how socialism has taken hold in America… why the powers that be want a one-nation totalitarian money system… and why gold miners aren’t your best investment when gold reaches where Thorsten predicts it will. You can check out that interview by clicking below… [yt-img]( And in [this morning’s]( Rude Awakening, my friend and Paradigm colleague Byron King talks about visiting Saxony and the home of the Joachimsthaler, on which the Founding Fathers based the then-new US currency, the dollar. (By the way… Byron will also be our guest in tomorrow’s Paradigm Press YouTube video, you can [subscribe here]( to be notified when our interview goes live.) But when Dan Amoss mentioned the biography of Germany’s richest-ever man, I thought I’d stay in Deutschland for this piece. No man had a bigger influence on medieval finance and politics than the man you’re about to read about. But so few Americans have heard of him. Well, sit back, relax, and enjoy the biographical piece. Who the Fugger is this? In the annals of history, few names resonate with the opulence and influence of Jakob Fugger. Dubbed 'Fugger the Rich,' this medieval magnate's wealth and power dwarf the riches of many modern billionaires. His story is a tapestry woven with threads of ambition, innovation, and strategic mastery, set against the backdrop of a Europe on the cusp of the Renaissance. Fugger wasn’t just a wealthy merchant but a pivotal figure in his era's economic and political transformation. His life story reads like a grand narrative, intertwining empires' destinies with modern finance's evolution. Early Life and Background Born in 1459 in the imperial city of Augsburg, then a bustling mercantile center in the Holy Roman Empire, Jakob Fugger was destined for a life beyond the ordinary. His family, already established in the textile trade, provided a fertile ground for his early introduction to commerce. Fugger's education, rare for its breadth and depth during that period, was a fusion of practical business training and a broader grasp of the geopolitical landscape of the time. This blend of knowledge and acumen set the stage for his later exploits. In his early twenties, Fugger traveled extensively, a journey crucial in shaping his global perspective on trade and finance. These formative years were instrumental in developing his understanding of the interconnected nature of European economies and the emerging global trade networks. [A $557 credit has been applied to your account.]( [Please click here to learn how to claim it.]( — Customer Service, Paradigm Press [Click Here To Learn More]( Rise to Power and Wealth Astute, bold financial moves marked Jakob Fugger's ascent to the top of European wealth. His entry into the banking world was almost accidental, born out of necessity and opportunity, but it quickly became the cornerstone of his empire. The pivotal moment came with his foray into financing the ambitions of the Habsburg dynasty, particularly Emperor Maximilian I. This was more than a mere financial transaction; it was a strategic partnership that would yield immense power and influence. A mix of innovation and risk-taking characterized his business ventures. He was a pioneer in the use of financial instruments such as bills of exchange and letters of credit, precursors to modern banking tools. A bill of exchange mandates that one party pay a fixed amount of money to another party at a specified time in the future. The entity that creates the bill, known as the drawer, usually issues it to another party, the drawee, who is instructed to pay a third party, the payee, or to the order of the payee. Bills of exchange are often used in transactions between buyers and sellers in different countries. They’re used to secure payment for goods or services and can be bought, sold, or traded. A key feature of a bill of exchange is that it can be endorsed over to another party, making it a negotiable (in this case, “negotiable” means “tradable” or “transferable”) instrument. This means the legal ownership of the bill and the right to receive the money can be transferred. They’re often used to guarantee payment at a future date, which can help manage cash flows and credit risks. A letter of credit is a document from a bank guaranteeing that a seller will receive payment up to the amount specified in the letter, provided certain conditions are met. In international trade, this is particularly useful as it reduces the risk for the seller. The seller is assured that they will receive payment as long as they deliver the goods according to the agreed-upon terms. The buyer obtains the letter of credit from a bank and provides it to the seller. The bank will release the funds to the seller once the goods are shipped, and the required documents are submitted. Letters of credit are crucial in international trade where the buyer and seller may not know each other personally and are operating under different legal systems. They offer a level of security in transactions, ensuring that the seller is not at risk of non-payment and that the buyer receives the goods or services as specified. His establishment of joint-stock companies was revolutionary, predating the famed Dutch East India Company by decades. But, the Dutch East India Company was the first publicly traded joint stock company. Joint-stock companies — like today’s publicly traded companies — have several defining features: Shared Ownership: In a joint-stock company, ownership is divided into shares, representing a portion of the company. Individuals or entities can buy and sell these shares, known as shareholders or stockholders. Limited Liability: Shareholders in a joint-stock company typically have limited liability. This means they are only liable for the company's debts and obligations up to their invested amount. The shareholders' personal assets are generally protected if the company goes bankrupt or faces legal issues. Capital Accumulation: One of the main advantages of joint-stock companies is their ability to accumulate large amounts of capital. By selling shares, a company can raise significant funds from a broad base of investors. This makes it easier to finance large-scale projects and ventures. Transferability of Shares: Shares in a joint-stock company can be freely bought and sold (transferred) on stock exchanges or privately. This transferability makes it attractive for investors, who can liquidate their investments if necessary. Separate Legal Entity: A joint-stock company is a separate legal entity from its owners. This means it can own property, enter into contracts, sue, and be sued in its name. Governance Structure: Such companies are usually managed by a board of directors elected by the shareholders. The board makes major decisions and oversees the company's overall strategy, while executives appointed by the board manage the day-to-day operations. Perpetual Succession: Joint-stock companies continue to exist even if the ownership or the board members change. This perpetual succession is not dependent on the life of its shareholders or directors, giving the company stability and an indefinite lifespan. Without these three innovations, we simply don’t have world trade or modern finance. Major Business Ventures and Achievements The scope of Fugger's business ventures was vast, covering everything from mining operations in Central Europe to trade expeditions to the Far East and Africa. His investment in the mining industry was a testament to his business acumen and a strategic move to control essential resources. The Thuringian copper mine, for example, provided him with not only immense wealth but also a commodity in high demand across Europe. Fugger’s involvement in the spice trade was another cornerstone of his empire. He understood the value of these commodities in a way that few others did, capitalizing on the burgeoning demand for luxury goods in Europe. His trade routes were not just commercial enterprises; they were geopolitical tools that helped him build a network of influence that extended far beyond the borders of Augsburg. His monopoly over the European copper market was akin to controlling a precious lifeline of the continent's economy. This control afforded him leverage over commercial and political realms, making him indispensable in European power dynamics. Political Influence and Relationships Jakob Fugger's wealth and business acumen catapulted him into the upper echelons of European politics. His financial support was crucial in securing Charles V's election as Holy Roman Emperor, which reshaped European politics for decades. His influence extended beyond mere financial transactions; he was a crucial player in the complex chess game of European politics. His relationships with monarchs and church leaders were carefully cultivated, allowing him to navigate the tumultuous political landscape of the time. He balanced his business interests with political alliances, often acting as a mediator and advisor to the most powerful figures of his era. Legacy and Impact on Banking and Finance Jakob Fugger’s contributions to the field of finance were revolutionary. His pioneering of financial instruments like letters of credit and bills of exchange laid the groundwork for the modern financial system. His practices in banking and finance were ahead of their time, setting the stage for a more interconnected and efficient economic world. His legacy in finance is comparable to that of modern financial innovators. Fugger was a visionary who saw the potential of financial markets long before the concept of globalized economies had taken shape. His impact is felt even today in the principles and practices of banking and trade. Personal Life and Philanthropy Despite his immense wealth and influence, Fugger's personal life was marked by a commitment to his community and a deeply ingrained sense of responsibility. His establishment of the Fuggerei, a housing complex for those in need that still operates today, is a testament to his philanthropic vision. He was a devout Catholic, and his faith played a significant role in his charitable endeavors. His personal life was characterized by a balance between his ambitious business pursuits and a commitment to social welfare. This aspect of his character often contrasts with the typical image of a shrewd and ruthless businessman, showcasing a complexity that defines the man behind the wealth. Wrap Up Jakob Fugger's life and achievements represent a pivotal chapter in the history of finance and economics. He was more than just a merchant or a banker… He was a visionary who transformed the economic landscape of his time. His story is a blend of ambition, innovation, and strategic mastery, underscored by a nuanced understanding of the power of wealth. Fugger was not just a man of the Middle Ages… he was a figure who laid the foundations for the modern economic world, a legacy that continues to influence the way we understand and engage with finance and economics. All the best, [Sean Ring] Sean Ring Contributing Editor, The Morning Reckoning feedback@dailyreckoning.com X (formerly 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. 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