The idiot son of a lesser man wasnât up on the rules. [The Rude Awakening] December 08, 2023 [WEBSITE]( | [UNSUBSCRIBE]( Idiot Son Hunter Biden Expensed Escorts [Sean Ring] SEAN
RING My parents finally arrived in Italy after years of anticipation. Of course, they’re old. One bit of advice is that if you have aging parents, move them while they’re younger and more mobile. Luckily, they’re both recovering in their lovely AirBnb in Asti; only once have I needed to put a mirror under my father’s nose. Phew… I’m reveling in self-satisfaction right now. Not having to worry about them getting shot by a border-crosser Deepinthehearta is a boon for my conscience. Now they’re eating wholesome Italian food without the usual American binding agents. I hope to see them in better health soon. A son should have this type of stress: ensuring his parents are comfortable. But I think back to different times when I was a young broker in London yucking it up on the town. Oh, the wine, women, and song! The all-night parties… the fancy restaurants… the hangovers. But we still had rules. I remember when my boss strictly said, “You know the rules. If you spent money at a place you shouldn’t, I won’t let you expense it.” Of course, he was talking about Stringfellow’s. Stringfellow’s Stringfellow's in London was a famous nightclub and restaurant established by entrepreneur Peter Stringfellow in 1980. Still located on Upper St. Martin’s Lane, it was known for its glamorous and exclusive atmosphere, often attracting celebrities, business moguls, and a wealthy clientele. The club gained a reputation for its luxurious decor, lively entertainment, and sometimes its risqué elements, like its later transformation into a.. ahem.. gentleman's club. Over the years, Stringfellow's became a symbol of London's vibrant and sometimes decadent nightlife scene. I remember one silly season - the time of the year before Christmas - one of my roaringly drunk clients wanted me to take him to Stringfellow’s. I couldn’t say no, so I knew I was copping the bill. I was out £750 (about $1,000), though I must admit I threw in a lovely dance for myself from the most gorgeous Ukrainian woman I’d have ever seen. The next day, my boss just shook his head at me. I knew the rules. [A Death Sentence for the Stock Market]( America is racking up credit card debt like we’ve never seen before, which could lead to an unprecedented economic decline in 2024. Everyday investors could lose trillions from their brokerage accounts. The time to prepare is now, and Jim Rickards hasbrought in his #1 financial contact – “The Banker” – to help you do so. This retired hedge fund manager has decades of institutional capital experience and specializes in generating steady returns during extremely volatile markets. [Click here to learn his strategy to play the market’s next downturn now](. [Click Here To Learn More]( Hunter Biden is a Drugged Up Moron The special counsel investigating Hunter Biden charged him late Thursday with nine counts stemming from his failure to pay his federal taxes on time on millions in income from foreign businesses. From [Zero Hedge]( A grand jury in the Central District of California (yes California!) charged Mr. Biden with three counts each of evasion of a tax assessment, failure to file and pay taxes, and filing a false or fraudulent tax return, according to the 56-page indictment (see below). The situation is more serious now as the charges include three felony tax offenses and six misdemeanors. “At times relevant to this Indictment, the Defendant served on the board of a Ukrainian industrial conglomerate and a Chinese private equity fund. He negotiated and executed contracts and agreements for business and legal services that paid millions of dollars of compensation to him and/or his domestic corporations, Owasco, PC and Owasco, LLC,” the indictment reads. “The Defendant engaged in a four-year scheme to not pay at least $1.4 million in self-assessed federal taxes he owed for tax years 2016 through 2019, from in or about January 2017 through in or about October 15, 2020, and to evade the assessment of taxes for tax year 2018 when he filed false returns in or about February 2020,” the indictment adds. But it gets better. Zero Hedge continues (bolds mine): Despite all this, Hunter spent like a man who thought he operated under a different set of rules. He had $1,664,004 in “ATM/Cash Withdrawals,” spent $683,212 in payments to “various women” (a new euphemism for hookers, apparently), and $188,960 on “adult entertainment.” Ironically, Hunter’s own words from his memoir, for which he was paid a handsome sum, are coming back to haunt him. As his tax-avoidance scheme went on, he surrounded himself with and paid for the company of: thieves, junkies, petty dealers, over-the-hill strippers, con artists, and assorted hangers-on, who then invited their friends and associates and most recent hookups. They latched on to me and didn’t let go, all with my approval. I never slept. There was no clock. Day bled into night and night into day. The indictment also details the “office expenses” or other deductions he used to lessen his tax burden, which included a $1,500 Venmo payment to an exotic dancer; $11,500 paid to an escort for two nights; and a $30,000 payment for his daughter’s law school tuition; $1,248 to fly an exotic dancer from Los Angeles to New York. My immediate reaction is, “Geez, that’s a lot of money to spend on hookers.” My first question is, “How are we defining ‘adult entertainment?’” My second reaction is, “Exotic dancers are moving with the times if they take Venmo payments. Singles in the string just don’t cover anymore.” Inflation does affect everyone. And my final thought is this: Hunter Biden is as dumb as a box of rocks. Why on earth would you send any of this money electronically? Of course, it’s traceable, just the way the government likes it. (Especially if they’re trying to get your demented dad to drop out of the race.) It looks like Bidenomics isn’t working for the Democrats anymore. [Bidenomics] Wrap Up Take care of your parents, but don’t abuse their position. And don’t pay for your prostitutes with e-cash. It’s just too traceable. Will Hunter get convicted of anything? Don’t be silly! Nothing will happen other than his father dropping out of the race. Then, Gavin Newsom will get his shot at the title against Donald Trump. Have a wonderful weekend! All the best, [Sean Ring] Sean Ring
Editor, Rude Awakening
X (formerly Twitter): [@seaniechaos]( In Case You Missed It… The Four Pillars of Modern Civilization [Sean Ring] SEAN
RING Good Morning Reader, Before we get started, I wanted to point your attention to our latest YouTube video. I interviewed Alex Krainer, founder of Krainer Analytics and creator of I-System Trend Following. We talked about trend trading and current market trends to get ahead of. Check out that video by clicking below: [yt img]( This week, I wrote a piece for the Rude Awakening titled “[Back to the Caves, Peasants!]( In it, I quoted Michael Shellenberger, author of Apocalypse Never. He recently gave an interview with Tucker Carlson in which he derided those who would attack the four pillars of civilization. "We know that the pillars of civilization are cheap energy, meritocracy, law and order, and free speech, and all four of those pillars are currently under attack," said Shellenberger. The subconscious mind immediately recognizes and accepts truth. As long as private property is included in the category of law and order, I’m on board. All freedom springs from private property, which is why the other team quotes (and misinterprets) Proudhon all day long. After all, if property can be stolen, it must exist in and of itself first in the possession of an owner and, therefore, cannot equal theft. It’s also why many Americans will never forgive Jefferson for changing the Declaration of Independence’s words from “life, liberty, and property” to the more cheerful but far more vague “life, liberty, and the pursuit of happiness.” In 1689, John Locke argued in Two Treatises of Government that political society existed to protect "property," which Locke defined as a person's "life, liberty, and estate.” Jefferson would have done posterity a world of good had he been a bit less lavish with his words. Civilization has always been built upon certain foundational elements enabling growth, sustainability, and prosperity. These components fuel our world's physical and economic engines and shape our societies' moral and intellectual framework. In this Morning Reckoning, let’s dive into civilization’s pillars without knocking them over. [Over 62 And Collect Social Security? Take Action Immediately!]( [If you’re over the age of 62 and currently collect Social Security, you need to prepare now](. Because Biden has given our country the worst inflation in decades – and many warn things will only get worse from here. Worse yet, the Social Security check you receive now may not keep pace with inflation… [Which is why, if you don’t act now, you could fall behind in the months ahead](. Is your retirement at immediate risk? [Click here now to get the simple, step-by-step actions to survive inflation](. [Click Here To Learn More]( Cheap Energy: The Dynamo of Progress The first pillar, cheap energy, is the lifeblood of modern civilization. In its absence, the machinery of economic progress grinds to a halt. From fossil fuels to renewable sources, cheap energy powers our homes, industries, and transportation. It’s the driving force behind economic growth and technological advancement. Access to affordable energy is so pivotal that it directly correlates with a nation's quality of life and economic development. Unfortunately, we’re witnessing what happens to a country when it shuns cheap energy for political points. [chart img 1] Credit: [Capital Economics]( Germany stupidly went along with US sanctions against Russia and is paying for it dearly. They were never going to work, for myriad reasons I stated in the Rude and for three, in particular, my erstwhile colleague Jim Rickards wrote about in Strategic Intelligence: - The target country must have a small- or medium-sized economy with little robustness or resiliency to sanctions.
- The target country must have limited access to alternative payment channels and few allies in any effort to obtain hard currency.
- The target country must have limited hard currency reserves or gold with which to evade or wait out sanctions. How bad is the German economy currently? Let’s read what Capital Economics has to write about it: German economy still very weak - The rise in the Ifo Business Climate Index (BCI) in November mirrors the increase in the Composite PMI released yesterday but leaves the index deep in contractionary territory. It does not change our view that GDP will contract again in Q4 and will remain in near-recession conditions in the first half of 2024 too. - Separate data released this morning by the Federal Statistics Office confirmed that GDP contracted by 0.1% q/q in Q3 after flatlining over the first half of the year. - The outlook remains poor for the German economy. We expect GDP to contract again in Q4 and growth to remain sluggish at best thereafter. Higher interest rates and a softening labour market should weigh on investment and household consumption in the coming months, and the constitutional ruling on the debt brake could lead to an additional, sharper-than-intended fiscal consolidation next year. Sanctions support will go down in German history as the most asinine government decision of the early 21st century. (The hysterical decision to close down its nuclear power stations after the Fukushima disaster in Japan is a close second.) With cheap energy, Germany is a powerhouse. Without it, it’s a damp squib. Historically, civilizations that harnessed energy effectively, whether through windmills, water wheels, or coal-fired steam engines, often led to innovation and wealth. Pursuing more efficient and sustainable energy sources continues to shape global politics and economics. Meritocracy: The Ethos of Fairness and Excellence Meritocracy, the second pillar, is the principle that positions talent, effort, and achievement as the basis for progress and recognition in society. It’s a cornerstone for fairness and is instrumental in nurturing talent and hard work. In a meritocratic system, individuals are given opportunities based on their abilities and merits rather than their social status or background. This system encourages a culture of excellence and innovation, as people are motivated to develop their skills and contribute effectively to society. Meritocracy is significant because it fosters a sense of justice and equality, which is essential for social cohesion and stability. It also drives economic efficiency and productivity, as the most capable individuals are positioned in roles where they can make the most significant impact. The most glaring example of the lack of meritocracy must surely be in US college admissions. There are so many colleges to choose from, and almost no one is going to the right school for themselves. Why? Because the process is no longer meritocratic. Have a look at this: [char img 2] Credit: [@TheRabbitHole84]( Helping is good. Pandering is not. The US no longer has the world’s best universities, just the most expensive ones. Law and Order: The Framework for Stability and Justice Law and order form the third pillar, providing the legal and moral framework essential for the functioning of society. This pillar encompasses the laws that govern behavior, the institutions that enforce these laws, and the judicial systems that interpret them. The rule of law is fundamental in safeguarding rights, ensuring justice, and maintaining social order. It creates an environment where individuals can exercise their freedoms while respecting the rights of others. In societies where law and order are strong, citizens feel safer, businesses operate more efficiently, and governments function more effectively. This pillar is critical in upholding democracy, protecting property rights, and ensuring that society operates in a predictable and orderly manner. Without it, there is a risk of chaos, injustice, and the breakdown of civil society. There are so many examples to choose from. But I’ll save myself a thousand words by merely posting a picture of Minneapolis during the riots, where precisely zero people were arrested. [tmz news img] Credit: [TMZ]( Free Speech: The Vehicle of Expression and Innovation The final pillar, free speech, is a fundamental human right. It allows for the exchange of ideas, debate, and dissent. Free speech is crucial for the development of a society as it fosters an environment where creativity and innovation can flourish. It enables questioning the status quo, essential for scientific advancement, social progress, and the fight against injustice. Moreover, free speech is integral to the functioning of a democratic society. It ensures that governments remain accountable to their citizens and empowers individuals to participate in politics. Societies that uphold free speech tend to be more resilient, adaptive, and progressive. Conversely, the suppression of free speech can lead to stagnation, oppression, and social unrest. Luckily, there’s some hope: [elon musk img] Wrap Up These four pillars — cheap energy, meritocracy, law and order, and free speech — are fundamental to the flourishing of modern civilization. Cheap energy powers our economies and innovation; meritocracy ensures fairness and rewards hard work and talent; law and order provide the necessary framework for societal stability and justice; and free speech fosters an environment of creativity, accountability, and progress. Together, these pillars support a society that is not only economically robust and efficient but also just, fair, and conducive to the well-being and development of its citizens. As we navigate the complexities of the 21st century, fighting those who’d knock down these pillars is essential to building a resilient, dynamic, and prosperous civilization. All the best, [Sean Ring] Sean Ring
Contributing Editor, The Morning Reckoning
feedback@dailyreckoning.com
X (formerly Twitter): [@seaniechaos]( [Paradigm]( ☰ ⊗
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