The 'Cheese And Rice' Economy

“The first panacea for a mismanaged nation,” the writer Ernest Hemingway proclaims, “is inflation of the currency; the second is war. Both bring a temporary prosperity; both bring a permanent ruin.” ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ November 10, 2023 |  [View Online]( |  [Sign Up]( The 'Cheese And Rice' Economy “The paradox of education is precisely this—that as one begins to become conscious one begins to examine the society in which he is being educated.” — James {NAME} , “What am I missing?” writes reader Joe G after reading yesterday’s guest piece by Michael Rectenwald, the Libertarian Candidate for President. The essay is called “[The Two Nations]( It’s been gaining some traction on social media for its descriptions of the rift at the center of American government today. A rift between, on the one hand, an overarching, behemoth national bureaucracy, and on the other hand, the small-town, local economy of the land and the people. You can follow along by clicking [here]( to read yesterday’s article. We strongly recommend checking it out, then circling back to hear what people think about it. 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... “All other Americans have to live by their own budgets and then take out credit to survive,” Joe G continues, fed up, “and we don't even have a Congress that can have a balanced budget?! Why don’t people realize that the government is not their ally? Cheese and rice!” Sometimes the truth is hard to swallow… “This was a great explanation of the two alternatives of the American government,” reader Scott S opines. “Localism makes the most sense of returning this country to a ‘for the people and by the people’ way of life. As far as losing federal funding to states: specify what minimal programs we are sending our tax dollars to support, and keep the rest. It could also serve to minimize the give-away programs in the states and bring government back to the local level.” Julie J chimes: “Great article. I am from northeastern rural Oregon and strongly relate.” “Interesting,” writes Peter K, “albeit it wordy, introduction to Mr. Rectenwald. Thanks for it, Addison!” We agree the article is a bit “wordy.” For which Mr. Rectenwald might be forgiven. He was a professor of economics for 25 years. The last ten he was a popular professor at my son’s alma mater NYU, until he got caught up in a manufactured scandal. The story of the scandal is interesting in its own right. He refused to go along with certain “woke” policies being pushed by the NYU administration and was then effectively canceled following an article written about him by the student paper. The ordeal ended with a lawsuit. Mr. Rectenwald left NYU with full honors and pension, intact. He tells his own story during [our Wiggin Sessions interview](. He went from being an avowed Marxist professor to embracing libertarian economics, which he asserts is the diametric opposite of state-controlled, Marxist authoritarianism. Hence, the idea in yesterday’s missive of the decentralized “cheese and rice” economy we all must live in. Versus the warmongering dystopia envisioned by the knuckleheads on the stage in Miami the other night. In any case, professors tend to write in a language all their own. The ideas he’s writing about are unique to the national political debate. Which is surprising really. If you bother listening to mainstream media prattle on about Bidenomics, the Fed or the jobs reports, you’d think the economy is doing great. But in reality, since April of 2020, the very people Bidenomics is meant to be helping have experienced something very different. - Inflation is up a cumulative 20% - Median wages have risen only 12% - Monthly mortgage installments to buy the median house are up 130%, from $1000 to $2300 The current headline inflation is 3.7% and that is considered a victory. And yet “Inflation” remains the #1 voter concern for Americans in the upcoming presidential election. What are politicians talking about? The Republican-dominated House of Representatives remains unable to agree on a way forward toward funding the United States government. The continuing resolution for funding the government Congress passed in September when then–House speaker Kevin McCarthy (R-CA) couldn’t pass appropriations bills runs out on November 17. If something is not done, and done quickly, the U.S. will face a shutdown over Thanksgiving, the end of next week. The current House Speaker is more concerned with funding the aid packages for Ukraine and Israel. Consensus among the Republican candidates leading into the primary season is that the aid packages should be linked together to fight proxy wars against Russia and Iran at the same time. Throw in military posturing over Taiwan and Mexican drug cartels… and aren’t they already talking about funding World War III? CONTINUED BELOW... POWERED BY THE ESSENTIAL INVESTOR CONTINUED... “The first panacea for a mismanaged nation,” the writer Ernest Hemingway proclaims, “is inflation of the currency; the second is war. Both bring a temporary prosperity; both bring a permanent ruin.” The quote has been lifted many times from a 1935 essay Heminway wrote for Esquire Magazine called “Notes on the Next War: A Serious Topical Letter”. Indeed, it’s been lifted so many times in our circle of writers and analysts it almost falls on deaf ears. Yet, political strategists of any persuasion have somehow haven’t gotten the memo over all these years. Financial wizards on Wall Street certainly have. The “bond vigilantes” Bill Ackman, Bill Gross and Stanley Druckenmiller have all laid on trades betting the US government is going to have more trouble financing its guns and butter campaigns right now than the market is giving them credit for. Likewise, at a forum in New York City on Wednesday night the billionaire founder of Citadel, Ken Griffin, cited geopolitical uncertainty and runaway government spending as the two reasons the Fed will not be able to rein in inflation in the next 5 years or so. Follow your own bliss, Addison Wiggin The Wiggin Sessions P.S. “Bond Vigilante” is a phrase coined by investment strategist Ed Yardeni in 1984. In short, when governments can’t manage their own finances and are at risk of destroying their own economies… big bond players make substantial bets in the bond market that in effect regulate bond prices despite the efforts of the Fed or Treasury. More on Bond Vigilantes and the Fed’s latest Treasury auction to come. POWERED BY WEISS RATINGS What's really behind the SEC's crypto lawsuits? When the SEC sued Coinbase and Binance earlier this year, most people thought it was the end of crypto. One headline even asked if the U.S. was trying to "kill crypto." But there's something else going on in the background that almost everyone else missed. Don't let the government lawsuits fool you. We believe Wall Street is engaged in a stealth takeover of cryptocurrency. When and if this takeover is complete, I expect the price of Bitcoin to spike immediately. This isn't a bad time to buy crypto- I believe it's the best time. [Click here to learn the best way to play this coming bull market.]( The Daily Missive from The Wiggin Sessions is committed to protecting and respecting your privacy. We do not rent or share your email address. By submitting your email address, you consent to The Wiggn Sessions delivering daily email issues and advertisements. 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