The Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest [we] become bankrupt. People must again learn to work, instead of living on public assistance.â
â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â October 2, 2023 |  [View Online]( |  [Sign Up]( What Could Possibly Go Wrong? âWhen there is a lack of honor in government, the morals of the whole people are poisoned.â â Herbert Hoover Dear , âThe budget should be balanced,â a wise man stood and encouraged his fellow statesmen. Then continued, âthe Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest [we] become bankrupt. People must again learn to work, instead of living on public assistance.â CONTINUED BELOW... POWERED BY DAILY MARKET ALERTS Top 5 AI Stocks to Buy for 2023 The artificial intelligence (AI) revolution is already here. And it's about to change everything we know about everything. According to Grand View Research, the global AI boom could grow from about $137 billion in 2022 to more than $1.81 trillion by 2030. And investors like you always want to get in on the hottest stocks of tomorrow. Here are five of the best ways to profit from the AI boom. [Click Here to Download the FREE Report.]( CONTINUED... You might think one of the members of the House had given such a speech on Saturday prior to the stopgap measure being passed. Matt Gaetz, maybe? If you did think so, youâd be off by about 2,067 years. Or maybe not. The quote is often attributed to Cicero, a Roman statesman who as Consul of the Roman Republic triedâand failedâto head off the coming of Julius Caesar and the Roman Empire. Apparently, there is no real record of him having spake these words in public. Nor does it appear in any of his known writings. A more modern search on Googleâs A.I. âBardâ tells me âthe quote first appeared in the early 1900s, and it has been used by politicians and commentators ever since to promote conservative fiscal policies.â Then, the Bard offers this unsolicited opinion: While Cicero did speak out against government corruption and excessive spending, he also supported social programs that helped the poor and needy. It is unlikely that he would have endorsed the harsh and punitive policies advocated by the modern-day proponents of this quote. Ah, Bard. Faithful to the core. âThe misattribution of this quote to Cicero,â Bard admonishes, âis a reminder of the importance of critical thinking and source evaluation. It is important to be aware of the potential for misinformation and to be skeptical of quotes that seem too good to be true.â Too good to be true. Well, at least he got that part right. Letâs think this through for a minute. Even if Cicero did not say it, why has the quote been hanging around for a 100 or so years? Like all works of fiction there must be some truth that resonates. What, after all, would be wrong with: A balanced budget⦠A treasury refilled.. The arrogance of officialdom tempered.. And assistance to foreign lands be curtailed? Oh well, Cicero fought against the rise of the Empire and lost. We found the quote in the lead of one of our favorite monthly reads, Dr. Marc Faberâs Gloom, Boom & Doom Report. Dr. Faberâor âDr. Doomâ as heâs known by Barronâsâis a Swiss born, iconoclastic economist. He earned his PhD in economics in Zurich at the age of 24 and spent most of his professional career trading stocks and bonds and managing money in Hong Kong for Credit Suisse Lyonnais, among other firms. Heâs lived in Chiang Mai, Thailand for a number of years. We bring him up for a couple of reasons. First of all, his book Tomorrowâs Gold: Asiaâs Age of Discovery was a formative read for me when I was still wet behind the ears in this business. Second, heâs a super nice guy. He often attended and spoke at our Vancouver conference while we were playing host back in the day. I recall one day seeing him sitting at the bar in the lobby by himself. I sat down and we chatted for several hours⦠about the business, about investing⦠about travel, women and life. The conversation has resonated with me since. In case there has to be a third reason, here it is: While reading his letter last night, rather⦠this morning, at about 3am, Marc reminded me why we do this work at all. The headline to Octoberâs issue of The Gloom, Boom & Doom Report is a question: âIs the Current âStrengthâ in the US Economy Based on a âStatistical Mirageâ?â Itâs a good question. CONTINUED BELOW... POWERED BY DEMISE OF THE DOLLAR CONTINUED... Faber then goes on to answer the question in 47 pages of fairly dense economic analysis replete with charts and quotes from a host of other writers and thinkers I respect. Weâll give you the short version: âYes.â âThe current rebound in the economy,â Faber cites David Rosenberg, âis a âstatistical mirageâ. It is orchestrated by record amounts of monetary and fiscal stimulus that are simply unsustainable and actually risk precipitating a very unstable financial and economic backdrop in the coming years.â That much we know already, right? The question we habitually ask when reading Faber or anyone else is âwhat could go wrong?â It sounds hypothetical in nature, but, really⦠Iâd like to know⦠âwhat could go wrong?â Itâs the only plausible question to ask given the âstatistical mirageâ weâre consistently wooed by. How do you manage your finances in the face of uncertainty of such epic proportions? If, as Rosenberg suggests, the ârecord amountsâ of monetary and fiscal stimulus are unsustainable⦠by definition they must end. What happens next? These are big questions and itâs later in the work day for me, so weâll pick this line of thinking up again tomorrowâ¦Â So it goes, Addison Wiggin, The Wiggin Sessions P.S. Iâve found David Rosenberg, himself, is a good thinker. Heâs a Canadian economist who, after 30 years of in the financial industry, including senior positions at Merrill Lynch and Gluskin Sheff, and as a consultant to governments and central banks, founded Rosenberg Research. Two of his go-to books include âThe End of Affluenceâ and âThe Great Demographic Depression.â P.P.S. Weâve received another bevy of thoughtful reader responses, including some more good reading suggestions. We should acknowledge that Dan from Texasâwhoâd politely inquired as to when weâd become an [âintellectual moronâ]( again to apologize for the frustration he feels regarding the state of politics in this âere country today. Thank you, Dan, for the kind words. Weâll continue to indulge and share as we can⦠[keep âem coming!](mailto:feedback@wigginsessions.com) POWERED BY MARKET MOVING TRENDS Top 5 EV Tech Stocks to Buy for 2023 + 10 "Must-Have" Stocks to Buy Now The electric vehicle boom is accelerating â and fast. According a new report published by BloombergNEF, annual spending on passenger EVs hit $388 billion in 2022, up 53% from the year before. Like we said, the boom is accelerating â and the time to buy EV-related tech stocks is now. 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