| By Bill Bonner Wednesday, July 1, 2020 – Week 16 of the Quarantine Every record has been destroyed or falsified, every book rewritten, every picture has been repainted, every statue and street building has been renamed, every date has been altered. And the process is continuing day by day, minute by minute. History has stopped. Nothing exists except an endless present in which the Party is always right. – George Orwell SAN MARTIN, ARGENTINA – Human societies seem to follow a set pattern – from freedom to glory… and when glory fades, to wealth… vice… corruption… and finally, barbarism. In the U.S., we are well past the freedom stage. Glory probably peaked out in World War II, more than half a century ago. And now, since 1999, our wealth, too, is in decline… as vice and corruption take over. More below… Wall Street vs. Main Street Two headlines tell the story. The first is from USA Today: Dow notches best quarter since 1987, a rebound helped by low interest rates and government stimulus amid COVID-19 The second is from the Financial Times: US companies file for bankruptcy at fastest pace since 2013 Wall Street soars. Main Street crumbles. The Federal Reserve can pump up the financial sector. That’s easy – just give Wall Street trillions more fake dollars. But it can’t pump up the real Main Street economy. Main Street needs real wealth. And that requires saving, investment, work, sweat, and training to produce valuable goods and services that people are willing and able to buy. Fake money produces fake wealth; it can’t produce real wealth. And as the Fed pumps more and more money into the fake, financial economy… the real economy drowns in an ocean of debt and phony price signals. So, not only can the Fed’s fake money not help the 90% of the people who depend on the real economy… it cannot help but harm them. Real growth declines. Real earnings slip. Real jobs disappear. Vice and corruption increase, as the elite finagle the system to get richer. A formula for success? Or for disaster? We’ll approach the question by picking up on yesterday’s discussion. | Recommended Link | | REDACTED: What did Dems Hide in Pandemic Stimulus Bill? While most Americans were distracted by the media’s pandemic hysteria… Speaker of the House Nancy Pelosi introduced a bill that would forever change the way Americans save, spend, borrow, and invest. It was quickly redacted… But according to Marketwatch, “The end of July looks to be a hard deadline” for the Congresswoman from California to make another push – and if successful, her law could go into effect as soon as August. What’s in the new law the Democrat Congresswoman trying to push through the house? And what does it mean for your money? From a remote outpost in Argentina, Giambruno has recorded a brief video to lay out all the details of Pelosi’s plan. | | | -- | World Improvers at Work The world improvers are at work… busily scrubbing the past of any lesson or fact that doesn’t match the latest TRUTH. Like the Cultural Revolution in China, 1966-1976, in which the “Four Olds” – old customs, old culture, old habits, and old ideas – were attacked, the idea is not to learn from the past, but to obliterate it. In today’s news, for example, is more evidence of bygone glory. A Pentagon appropriations bill in Congress will rename military bases to remove traces of Confederate generals. Bill Gates, the Military, and Google Are All Involved… Fort Bragg, North Carolina – named after General Braxton Bragg, who fought for the U.S. Army in the Second Seminole War and in the Mexican-American War… and later, for the Confederate Army in the War Between the States – is to be rechristened, perhaps as Fort Harriet Tubman. Along with taking down the monuments to the heroes of the past, practically every major company, museum, school, and charitable institution in America is getting on board with the new cultural revolution. Here’s MarketWatch: Netflix Inc. announced Tuesday an effort to grow economic opportunities for Black communities by allocating money to banks and other institutions that help provide financial support. The company plans to put 2 percent of its cash holdings, or up to $100 million initially, toward financial institutions and other groups “that directly support Black communities in the U.S.” Netflix argues in a blog post that such efforts can help close the “centuries-long financial gap between Black and white families” in the U.S. Do Better The way to earn more money is well known. Get up early. Work hard. Learn. Save. Invest. Build businesses. That’s worked for every other group in America. And it was working for Black Americans, too… until their cause was hijacked, beginning in the 1960s, by White activists and the Black elite. Now, the money is fake… the wealth is fake… and the progress, too, is fake. And now, the two work hand-in-glove… White and Black predatory elites… one putting forward flimflam policies; the other taking them to the bank. | Recommended Link | | (Bizzarro World) Fed nominee launches his own cryptocurrency! But that's just the tip of the iceberg. There's a bigger story coming… And it could forever change the way you save, spend, invest, and retire. Consider yourself warned. This story is unfolding quickly… And once it hits the mainstream, it's going to be too late… You can get all the details you need to prepare for this massive change – as well as profit from it – by clicking the button below. | | | -- | Confession, Redemption… and Flimflam In China, wherein the death toll from the Cultural Revolution is estimated at 20 million, the process of improvement often began with a confession… a “struggle session” in which the person accused of practicing one of the “olds” was publicly humiliated and tortured to draw an admission of guilt. In the U.S., under pressure from activists, typically, a company issues a confession. Usually, it follows the formula laid out in the Book of Common Prayer. You confess that you have erred in “thought, word, and deed,” by “what you have done,” and what you have “left undone.” And then, you pledge to do better, perhaps agreeing to hire more Black people, use more Black contractors… or simply, give more to Black causes. We have no problem with it. If the managers want to spend the shareholders’ money to make themselves feel good, why not? Urgent: Angel investor says Tesla on verge of billion-dollar deal. Besides, race-based policies are as old as, well, the Old Testament. God not only favored His Chosen People… He told them to slaughter everyone else. Just read the Book of Joshua. Then, Jesus came along and said that tribes no longer mattered. We were supposed to do unto others as we would have them do unto us – no matter what we thought of them… and no matter what race, party affiliation, or social standing they may have. That idea was picked up by America’s founders. “All men are created equal,” wrote Thomas Jefferson in a leap of faith… later elaborated in the Constitution, Bill of Rights, Equal Rights Amendment, and so forth. Of course, Christians are not always nice to their neighbors… and Americans don’t always treat each other as equals. But the guiding insight embedded in these principles was the result of thousands of years of painful experience. The lesson: Pitting one group against another leads to barbarism. Rapid Degeneration Going back to the Chinese, the Cultural Revolution rapidly degenerated into almost unbelievable savagery. One researcher, Frank Diköotter at the University of Hong Kong, reports that not only were millions killed… but many were eaten. Throughout 1967 but also 1968, there are factions in the countryside that start not just eliminating each other physically, but literally in a couple of small towns they start ritualistically eating each other. In other words, it is not enough to eliminate your class enemy. You have to eat his heart, so there are very well-documented cases of ritual cannibalism. There was a hierarchy in the consumption of class enemies. Leaders feasted on the heart and liver, mixed with pork, while ordinary villagers were allowed only to peck at the victims’ arms and thighs. | Recommended Link | | This Black Box Could Make You Rich America's future lies in this black box you see here. Americans have waited over 3 years for the technology inside this box. Today it's built and perfected by a tiny $8 company with over 124 patents. And this company could net you a six-figure windfall, as this technology goes mainstream. For full details on this opportunity… | | | -- | More Flimflam It’s none of our business where Netflix invests its money. Or who hires whom. But in America today, claptrap and fakery weigh heavily on us all; we don’t need more of it. The gist of the current fashion for mea culpas and reparations is that one group has gotten the short end of the stick. Now, to make up for it, we’ll turn the stick around. The problem, they say, is “institutional racism.” They propose to combat it with more institutional racism – that is, by giving one race different treatment than the others. The presumed victims are supposed to get money they didn’t earn, jobs they couldn’t get on merit, and – like the banks – more of the Fed’s fake money. In the case of moving money to Black-owned banks, the idea is to take away money from White elites and give it to Black elites. The whole banking sector is already the beneficiary of trillions in giveaways from the Federal Reserve. Putting more of it on deposit in Black-owned banks will do nothing for the majority of Black people in the Main Street economy. But it will be a big bonus for Blacks in the upper 10%. The whole thing is a scam, in other words. The Black elites pocket more money. The White elites show the world what nice folks they are. And the flimflam goes on. Regards, Bill
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Bill has suggested the stock market is no longer connected to the real economy. When the economy is in a depression, how is it possible that Wall Street can climb to new heights? CNN unpacks the numbers… MAILBAG In yesterday’s mailbag, Allan H. said the U.S.’s increasing COVID-19 cases is the fault of President Trump: “To say that our ‘shutdown’ worked quite well, well it didn’t, thanks to the leadership of our dictator.” One dear reader disagrees… I’m no fan of Donald Trump, but blaming him for the rise of COVID-19 cases is a sign of immature, government-dependent entitlement. As an individual, you have the choice of when to wash your hands, how close to a stranger you’re willing to stand, and whether or not to wear a mask. Disinfect your fingers, and stop pointing them at someone who shouldn’t have that much control over your life. – Jacob B. Meanwhile, others respond to yesterday’s Diary, “Bleach Our History and Move On,” in which Bill highlighted the hypocrisy of recent political activism… I would love to look into the past of every one of these people to see what skeletons are hiding in their closets. Have they EVER said anything racist or discriminatory about anyone or anything? How many of these people have committed ANY type of sexual transgression? How many of them have lived perfect lives with absolutely NO transgression against anyone at any time? I would venture to say that most of the people out there committing these despicable acts by claiming moral and intellectual superiority over their ancestors and the people living today who aren’t lucky enough to have the same superior intellect are among the worst perpetrators of violence, sexual deviance and abuse, crime (both violent and non-violent), and the most poorly educated people in our society. Although many of the leaders and instigators of this revolt are VERY well educated (to the point of being stupid) and the rest of the idiots blindly follow in their ignorance. These hypocrites have the gall to judge everyone else, both past, present, and, no doubt, future!! I am sad, angry, and horrified to be living through this “enlightened” period in our nation’s history. – Bradley L. Very interesting, your article. I appreciate the irony(?). Where does it end? Some statues probably should be removed (Woodrow Wilson, whose behavior was so egregious). But some imperfect beings, as are we all, can be appreciated for the good they did. Just my opinion, from a woman of color of a certain age. – Roby S. I enjoyed Bill’s musing regarding bleaching our history. It would seem that, for many, the only solution would be to erase the whole of human history and start the clock on January 1, 2020, as every historical figure and empire – when measured with 21st century morals – will be, in their eyes, offensive. Greek and Roman literature – erase. They were imperialist and owned slaves. During the Age of Discovery, Europeans colonized, displaced, and enslaved the indigenous people that lived on those lands, so we can’t have that. Winston Churchill – an imperialist and racist. Al Jolson – the horrors as he wore blackface. Mother Teresa – I don’t know, but she could be offensive to somebody, somewhere, so we’ll remove her just to be safe, etc. What these people do not realize is that all historical figures are flawed, but were products of their time and place. I, for one, do not want to live in a time when history is constantly being revised to fit the sensitivities of a few. That Gone With The Wind or The Jazz Singer are not banned because the story and characters do not fit today’s moral values. That Thomas Jefferson or Winston Churchill can still be honored for what they did for their country, while still teaching history students that Jefferson owned slaves and Churchill did believe that the British race and her empire were superior. If we bleach our history to please the radical few, what truth will be left? So that we can learn what really happened in the past? – Richard K. Loved this article. With the standards being applied indiscriminately to one and all, and no acknowledgement of the time period when they lived – nor the good that they did or the sacrifices they made – there should never, ever be another statue of anyone because none of us would pass the test, no matter what good we did. If a person is not perfect, then he/she is not worthy of a statue. And of course, since no one is perfect, then all statues should be torn down. It reminds me a little of what happened during the French Revolution. – Terrence C. Are today’s political activists missing the big picture, as Richard believes? Are we living through another period of “enlightenment,” like Bradley says? Write us at feedback@rogueeconomics.com. IN CASE YOU MISSED IT… Welcome to an empire of debt Our credit system is currently sitting at $68 trillion. It's the largest debt ceiling in the history of the world – in fact, it's more than twice the value of every single home in America put together. It's the most crucial part of our economy. And despite stagnant wages and rising costs, America still appears to be getting richer and richer (at least on paper). And there's the problem… This massive credit system is about to collapse. But this system has a dark secret about where they're going to get money to pay off this massive debt. This will affect EVERY American citizen! Click here before it's too late. 
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