Meanwhile, Back In France

The riots began just a week before the Parisian Bourse overtook London as Europe’s largest stock market, having closed the gap consistently–commendably?– since Brexit. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ December 12, 2022 |  [View Online]( |  [Sign Up]( Meanwhile, Back In France “If I speak, I am condemned. If I stay silent, I am damned!” – Victor Hugo, Les Misérables Dear , “We have used important tools to act quickly to prevent contagion,” Treasury Secretary Janet Yellen patted herself on the back yesterday in front of Congress. James Bullard, CEO of the St. Louis Fed gave her a hip ‘huzzah,’ saying “swift” actions by regulators averted the crisis. “These are tools we could use again for an institution of any size,” Yellen continued, “...if we judged its failure would pose a systemic risk.” Hmn. A systemic risk… something like this? Total bank deposits in US banks = $17 Trillion Total capital on hand at the FDIC = $182 Billion In a conversation with Porter Stansberry today, we both chuckled. The “FDIC” is less “depositor insurance” than a symbol; a relic of the federal government’s valiant attempt to avert further banking crises during the Great Depression. POWERED BY STANSBERRY RESEARCH Why Governments Around the World Are Hoarding Gold Investor who predicted the last market crash says "if you think things are returning to 'normal' in the markets, you’re in for a big surprise." [More here.]( CONTINUED... We wonder if perhaps Yellen and Bullard have spoken too soon on their role and character in the financial crisis. Meanwhile, in France. The city hall at Bordeaux was set on fire last night. French riots continue over plans to raise the pension age from 62 to 64. Ooh, la, la. A sign of things to come for the U.S.? A canary in the coal mine? (Source: BBC World News) More than one million people took to the streets across France throughout the week, with an approximate 119,000 in Paris, according to figures from the interior ministry. The scenes conjure up images of Miami Beach on Spring Break. The riots began just a week before the Parisian Bourse overtook London as Europe’s largest stock market, having closed the gap consistently–commendably?– since Brexit. Many of Europe’s big financial institutions are favoring the frogs over the limey’s as stewards of their money. But, there’s a twist. Only eight percent of the average French actively invest their own money. Stocks, bonds, commodities, crypto are all perceived to be the province of les capitalistes. As such, being involved in the money trade is either left to the elite or looked down upon by the working people who, in times like these, would rather take to the streets. As you may recall, we used to live and work in Paris. Our office was on the rue de la Verrerie. On any given day, there might have been 4 or 5 Americans whiling away our time tapping on computer keyboards or sipping red wine and talking about philosophy. Every now and then, we’d look around and all the French employees of Publications Agora, our French affiliate, would be gone. We’d hear loud techno music thumping from massive speakers being towed down Rue Rivoli on flatbed trailers, throngs of young people hooting and hollering, car horns blasting… flags being waved, usually big red ones. After an hour or so, the employees would start filtering back into the office. “Ou étiez vous tous?” I asked Fanny Ferent, who was then publisher of the business. “Where were you all?” POWERED BY RESOURCE STOCK DIGEST Major Gold Stock Buy Alert Gold is breaking out. It's up $250 in the past two months and now trades above the all-important technical and psychological level of $1,800 per ounce. If you know one thing about the gold market… It's that when gold prices are rising, gold stocks move even faster and higher. I have been loading up on one gold mine developer in particular in anticipation of this bull run. Shares are up 71% in the past few months, but have much farther to go as a new gold bull market gets underway. [Click here to learn all about it.]( CONTINUED... “At the protest,” she responded. “Oh yeah? What were you protesting?” “I don’t know,” she replied, “We never know. We just like dancing in the streets and eating free chorizo.” Seems like the millions in the street this time around have a little more on their minds than bumping, grinding and eating barbecued meats. In the US, Congress and the authorities complain and spend millions of dollars in an inquisition over the January 6 mob smashing windows and putting their feet on someone’s desk at the U.S. Capitol. France is burning. “Regrettably,” writes our friend Egon von Grayerz, a Swiss gentleman who runs Matterhorn Asset Management, “a rotten and bankrupt financial system needs to go through a cleansing period which the world will now experience.” Says Egon, a self-proclaimed Cassandra: There cannot be sound growth and sound values until the current corrupt and debt infested system implodes. Only then can the world grow soundly again. The transition will sadly be dramatic with a lot of suffering for most people. But there is no other way. We won’t just see poverty, famine but also many human tragedies. Millions of people in the streets over a 2-year increase in the retirement age? What happens when they can no longer get their baguettes and fromage? Or chorizo? Sacré bleue! So it goes, Addison Wiggin The Wiggin Sessions P.S. If you missed it this week: [S3:E9 Cheap Money, Bank Runs & The Interest Rate Hyper Bubble with Dan Ferris](. Click [here]( to watch the latest Wiggin Session with Dan Ferris. POWERED BY REPUBLICAN METAL CO. Introducing The Republican Metal Company Biden and his cronies repackaged the bill as H.R. 5376. And snuck it past Congress on August 16, 2022. A day that may go down in infamy. If you have an IRA or 401(k), you need to take immediate action. Get your hands on [The Precious Metals Investment Guide [FREE] here.]( The Daily Missive from The Wiggin Sessions is committed to protecting and respecting your privacy. We do not rent or share your email address. 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