{"id":55944,"date":"2019-07-27T02:15:04","date_gmt":"2019-07-27T09:15:04","guid":{"rendered":"https:\/\/lenpenzo.com\/blog\/?p=55944"},"modified":"2024-11-22T16:36:35","modified_gmt":"2024-11-23T00:36:35","slug":"black-coffee-27-jul-2019","status":"publish","type":"post","link":"https:\/\/lenpenzo.com\/blog\/id55944-black-coffee-27-jul-2019.html","title":{"rendered":"Black Coffee: Countdown to a Crisis"},"content":{"rendered":"<p><a href=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2015\/04\/black-coffee.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-31075\" src=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2015\/04\/black-coffee.jpg\" alt=\"black coffee\" width=\"275\" height=\"206\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2015\/04\/black-coffee.jpg 500w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2015\/04\/black-coffee-300x225.jpg 300w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2015\/04\/black-coffee-50x38.jpg 50w\" sizes=\"auto, (max-width: 275px) 100vw, 275px\" \/><\/a><em>It&#8217;s time to sit back, relax and enjoy a little joe &#8230;<\/em><\/p>\n<p>Welcome to another rousing edition of Black Coffee, your off-beat weekly round-up of what&#8217;s been going on in the world of money and personal finance.<\/p>\n<p>I hope everyone is enjoying their weekend. I know I am &#8230; so let&#8217;s get this show on the road.<\/p>\n<blockquote><p><em>When does money run out of time? The countdown begins when investable assets pose too much risk for too little return; and when lenders desert credit markets for other alternatives such as cash or real assets.<\/em><\/p><\/blockquote>\n<p style=\"text-align: right;\"><strong>&#8212; Bill Gross<\/strong><\/p>\n<p><strong>Credits and Debits<\/strong><\/p>\n<p><span style=\"color: #ff0000;\"><strong>Debit:<\/strong><\/span> Did you see this? According to a recent survey, 4 in 10 people say they <a href=\"https:\/\/www.studyfinds.org\/hindsight-is-20-20-four-out-of-ten-adults-regret-their-life-choices\/\" target=\"_blank\" rel=\"noopener noreferrer\">regret how they&#8217;ve lived<\/a> their lives so far. The two biggest regrets were spending too much time at work, and not traveling enough. Those were followed by living an unhealthy lifestyle, and not making more family time. Huh &#8230; Apparently, I&#8217;m the only one who regrets wasting two hours of his life watching John Travolta play the title role in <em>Gotti<\/em>.<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/DoTCTA5vjC8?controls=0&amp;start=189;end=196\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p><span style=\"color: #ff0000;\"><strong>Debit:<\/strong><\/span> In other news, I see that <a href=\"https:\/\/www.zerohedge.com\/news\/2019-07-20\/hyperinflation-back-zimbabwe-burns-while-lights-are-out\" target=\"_blank\" rel=\"noopener noreferrer\">hyperinflation has returned to Zimbabwe<\/a>. The citizens can thank their government, which banned all currencies except for the Zimbabwe dollar last month. Since then, prices for everything from sugar to cooking oil to building materials have tripled. The good news is, government bureaucrats insist their new dollar has &#8220;officially&#8221; lost just 28% of its original value in the past month. So there&#8217;s that.<\/p>\n<p><span style=\"color: #ff0000;\"><strong>Debit:<\/strong><\/span> Speaking of inflation, as a reminder of just how brainwashed the mainstream media has become, the Financial Times ran an article this week about the sitting Fed Chair with the following headline: &#8220;<a href=\"https:\/\/www.ft.com\/content\/e2ff8c4e-aa2f-11e9-984c-fac8325aaa04\" target=\"_blank\" rel=\"noopener noreferrer\">Powell seeks a cure for disease of low inflation<\/a>.&#8221; You can&#8217;t make this stuff up, folks. Low inflation, huh? I guess that&#8217;s just more proof that if you consistently repeat a lie, most people will eventually believe it. Sad.<\/p>\n<p><span style=\"color: #008000;\"><strong>Credit:<\/strong><\/span> On a somewhat related note, New York Fed head John Williams suggested last week that <a href=\"https:\/\/www.marketwatch.com\/story\/feds-wisest-strategy-is-to-cut-interest-rates-at-first-sign-of-economic-distress-williams-says-2019-07-18\" target=\"_blank\" rel=\"noopener noreferrer\">they need to quickly cut rates to 0%<\/a>. Why? Well &#8230; according to market analyst Graham Summers, with Deutsche Bank imploding, liquidity issues within China&#8217;s banking system, and a temperamental US stock market, &#8220;<a href=\"https:\/\/gainspainscapital.com\/2019\/07\/24\/14095\/\" target=\"_blank\" rel=\"noopener noreferrer\">something big is coming<\/a>.&#8221; Uh huh &#8230; In fact, I had the exact same feeling last night after eating <strong><em>here<\/em><\/strong>:<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/aKLW0kQ83qg?controls=0&amp;start=21\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p><span style=\"color: #ff0000;\"><strong>Debit:<\/strong><\/span> But seriously, forget 0% &#8230; Europe has been embracing <em><strong>negative<\/strong><\/em> rates for quite a while now. For the first time ever, the yield on Greece&#8217;s 10-year sovereign bonds <a href=\"https:\/\/www.fxstreet.com\/analysis\/currency-wars-greek-10-year-bond-yield-dips-below-2-as-bets-on-rate-cuts-rise-201907242243\" target=\"_blank\" rel=\"noopener noreferrer\">fell below 2%<\/a>, which puts them lower than US Treasury yields &#8212; even though, at 181%, Greece&#8217;s debt-to-GDP ratio is significantly higher than the US&#8217;s 105% figure. As if anyone needs more proof that the global monetary system is hopelessly broken.<\/p>\n<p><span style=\"color: #ff0000;\"><strong>Debit:<\/strong><\/span> What&#8217;s that? You say you <em><strong>do<\/strong><\/em> need more proof that the Ponzi scheme known as our global debt-based fiat monetary system is broken? Okay. Consider this: This week, <a href=\"https:\/\/www.reuters.com\/article\/switzerland-bonds\/swiss-50-yr-yield-falls-below-0-entire-swiss-curve-now-negative-idUSL8N24Q31B\" target=\"_blank\" rel=\"noopener noreferrer\">the 50-year Swiss bond yield went negative<\/a>. Think about that; people are agreeing to <em><strong>pay<\/strong><\/em> the government to take their hard-earned cash and hold it for 50 years. It&#8217;s even worse when you consider lost purchasing power after 50 years of inflation.<\/p>\n<p><span style=\"color: #008000;\"><strong>Credit:<\/strong><\/span> Unfortunately, when it comes to monetary policy, the <a href=\"https:\/\/realinvestmentadvice.com\/the-fed-may-give-trump-his-rate-cut-but-it-wont-help\/\" target=\"_blank\" rel=\"noopener noreferrer\">central bankers have no more tricks up their sleeves<\/a>. As financial analyst Patrick Watson notes, it used to be that &#8220;When the economy slowed, the Fed would cut rates to encourage borrowing and investment. The problem is that easy money stops working when it becomes normal, as it is now; (low rates) only work if borrowers think it&#8217;s a limited-opportunity, which they don&#8217;t.&#8221;<\/p>\n<p><span style=\"color: #008000;\"><strong>Credit:<\/strong><\/span> Okay &#8230; so Fed policy may prove to be impotent from this point forward, but give them credit: The central bankers have their next round of cuts on the launch pad anyway, waiting to ignite yet another powerful financially-engineered global economic expansion. The trouble is, <em><strong>this<\/strong><\/em> is going to be the result &#8230;<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/7O4V7JfeTSU?controls=0\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p><span style=\"color: #008000;\"><strong>Credit:<\/strong><\/span> Of course, despite the shortage of rocket fuel, the Fed has no choice but to try another round of rate cuts anyway. And it <em><strong>may<\/strong><\/em> work, if only for a little while. As financial analyst Lance Roberts notes, &#8220;Asset prices could rise in the short-term given the &#8216;training&#8217; investors have received over the last decade to &#8216;buy the dip.&#8217; However, the rate cuts won&#8217;t change the onset, duration, or intensity of the coming recession.&#8221; Uh oh.<\/p>\n<p><span style=\"color: #ff0000;\"><strong>Debit:<\/strong><\/span> So if the world&#8217;s central bankers are now a hostage to rock-bottom interest rates because raising rates would strangle global economic growth and trigger the implosion of our debt-based international monetary system, where do we go from here? Well &#8230; not far. After nearly 50 years of reckless debt accumulation, <a href=\"https:\/\/www.peakprosperity.com\/weve-arrived-at-the-end-of-the-road\/\" target=\"_blank\" rel=\"noopener noreferrer\">the end of the road<\/a> is just around the corner &#8212; along with the painful reckoning that comes with it.<\/p>\n<p><span style=\"color: #ff0000;\"><strong>Debit:<\/strong><\/span> With that in mind, it&#8217;s certainly no coincidence that JP Morgan announced this week that they believe <a href=\"https:\/\/www.zerohedge.com\/news\/2019-07-23\/jpmorgan-we-believe-dollar-could-lose-its-status-worlds-reserve-currency\" target=\"_blank\" rel=\"noopener noreferrer\">the dollar could soon lose its reserve currency status<\/a> &#8220;due to structural reasons and cyclical impediments.&#8221; <em><strong>Ya think?<\/strong><\/em> You know, up until a few years ago only the tin-foil-hat brigade &#8212; including yours truly &#8212; and doomsday preppers dared to make such a &#8220;crazy and impossible&#8221; claim. Not any more. <em><strong>Why?<\/strong><\/em><\/p>\n<p><span style=\"color: #ff0000;\"><strong>Debit:<\/strong><\/span> Here&#8217;s the punchline: A loss of reserve currency status means most Americans without wealth insurance will experience <a href=\"https:\/\/projectchesapeake.wordpress.com\/2019\/07\/16\/we-will-have-to-reboot-our-standard-of-living-to-survive-as-a-nation\/\" target=\"_blank\" rel=\"noopener noreferrer\">a substantial reduction<\/a> in their current living standard. Then again, the US government will require a massive downsizing too. The question is: Is Washington DC ready for it? <em><strong>Are you?<\/strong><\/em><\/p>\n<p><strong>By the Numbers<\/strong><\/p>\n<p>Europeans have already been struggling with the heat this summer, but meteorologists warn that it&#8217;s going to get even hotter this weekend:<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>102\u2109<\/strong><\/span><\/span> The all-time high in Belgium, which was recorded earlier this summer.<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>101\u2109<\/strong><\/span><\/span> The highest temp ever recorded in the UK. (Favershan, England)<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>102\u2109<\/strong><\/span><\/span> The expected high temp in the UK this weekend.<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>106\u2109<\/strong><\/span><\/span> Last Tuesday&#8217;s temp in Bordeaux, France.<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>108\u2109<\/strong><\/span><\/span> This weekend&#8217;s expected high temp in Paris.<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>114\u2109<\/strong><\/span><\/span> The all-time high temp in France, which was recorded on June 29th. (Gallagues-le-Montueux)<\/p>\n<p><em>Source: <a href=\"https:\/\/www.cnn.com\/2019\/07\/24\/europe\/europe-heatwave-gbr-intl\/index.html\" target=\"_blank\" rel=\"noopener noreferrer\">CNN<\/a><\/em><\/p>\n<p><strong>The Question of the Week<\/strong><\/p>\n<p><code>[poll id=\"278\"]<\/code><\/p>\n<p><strong>Last Week&#8217;s Poll Results<\/strong><\/p>\n<p>What is your biggest financial worry?<\/p>\n<ul>\n<li>Outliving my retirement savings (50%)<\/li>\n<li>Major medical expenses (17%)<\/li>\n<li>Losing my job (16%)<\/li>\n<li>Making ends meet on current income (11%)<\/li>\n<li>Something else (4%)<\/li>\n<li>College education expenses (2%)<\/li>\n<\/ul>\n<p>More than 1700 Len Penzo dot Com readers responded to last week&#8217;s question and half of them say their biggest concern is outliving their retirement savings. I&#8217;m happy to see that only 1 in 9 say they&#8217;re worried about making ends meet on their current income. I guess the low number is to be expected among those who visit personal finance blogs!<\/p>\n<p>If <strong><em>you<\/em><\/strong> have a question you&#8217;d like me to ask the readers here, send it to me at <strong>Len@LenPenzo.com<\/strong> &#8212; and be sure to put &#8220;Question of the Week&#8221; in the subject line.<\/p>\n<p><strong>Useless News: Frogs<\/strong><\/p>\n<p>A little boy kept pestering his Grandpa, &#8220;Make a sound like a frog. Make a sound like a frog!&#8221;<\/p>\n<p>After several hours of this, Grandpa finally asked his grandson, &#8220;Why on earth do you want me to make a sound like a frog?&#8221;<\/p>\n<p>The boy replied, &#8220;Because I heard Mom and Dad talking. They said that as soon as you croak, we can go to Florida!&#8221;<\/p>\n<p><em>(h\/t: Kerri L.)<\/em><\/p>\n<p><strong>Other Useless News<\/strong><\/p>\n<p>Here are the top five articles viewed by my <strong>26,713<\/strong> RSS feed, weekly email subscribers, and other followers over the past 30 days (excluding Black Coffee posts):<\/p>\n<ol>\n<li><a href=\"https:\/\/lenpenzo.com\/blog\/id6051-what-to-keep-in-your-fireproof-safe-2.html\" target=\"_blank\" rel=\"noopener noreferrer\">The 13 Most Important Items to Keep In Your Fireproof Safe<\/a><\/li>\n<li>5 Signs That Your Spending Is Out of Control!<\/li>\n<li><a href=\"https:\/\/lenpenzo.com\/blog\/id12478-10-grocery-store-products-that-flopped-2.html\" target=\"_blank\" rel=\"noopener noreferrer\">What Were They Thinking? The 10 Biggest Grocery Product Flops<\/a><\/li>\n<li><a href=\"https:\/\/lenpenzo.com\/blog\/id34196-6-ways-to-avoid-becoming-small-minded-about-money-4.html\" target=\"_blank\" rel=\"noopener noreferrer\">6 Ways to Avoid Becoming Small-Minded About Money<\/a><\/li>\n<li><a href=\"https:\/\/lenpenzo.com\/blog\/id55564-online-jobs-you-can-start-doing-from-home-today.html\" target=\"_blank\" rel=\"noopener noreferrer\">Online Jobs You Can Start Doing From Home Today<\/a><\/li>\n<\/ol>\n<p>Hey, while you&#8217;re here, please don&#8217;t forget to:<\/p>\n<p>1. Click on that <strong>Like<\/strong> button in the sidebar to your right and <a href=\"http:\/\/www.facebook.com\/LenPenzo\">become a fan of Len Penzo dot Com on Facebook<\/a>!<\/p>\n<p>2. Make sure you <a href=\"http:\/\/twitter.com\/LenPenzo\">follow me on Twitter<\/a>!<\/p>\n<p>3. <a href=\"mailto:lenpenzolist@aweber.com\">Subscribe via email<\/a> too!<\/p>\n<p>And last, but not least &#8230;<\/p>\n<p>4. Consider becoming a <a href=\"https:\/\/lenpenzo.com\/blog\/membership-account\">Len Penzo dot Com Insider<\/a>! Thank you.<\/p>\n<p><strong>Letters, I Get Letters<\/strong><\/p>\n<p>Every week I feature the most interesting question or comment assuming I get one, that is. And folks who are lucky enough to have the only question in the mailbag get their letter highlighted here whether it&#8217;s interesting or not! You can reach out to me at: <strong>Len@LenPenzo.com<\/strong><\/p>\n<p>After reading a Len Penzo dot Com article explaining <a href=\"https:\/\/lenpenzo.com\/blog\/id54887-how-to-save-money-by-managing-your-own-investment-portfolio.html\" target=\"_blank\" rel=\"noopener noreferrer\">how to save money by managing your own investment portfolio<\/a>, <strong>Eve<\/strong> left this curious comment:<\/p>\n<blockquote><p><em>What a stuff of unambiguity and valuable experience regarding unexpected feelings!<\/em><\/p><\/blockquote>\n<p><span style=\"color: #0000ff;\">Thank you, Eve &#8230; I think.<\/span><\/p>\n<p>If you enjoyed this, please forward it to your friends and family. I&#8217;m Len Penzo and I approved this message.<\/p>\n<p style=\"text-align: right;\"><span style=\"font-size: smaller;\">Photo Credit: brendan-c<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It&#8217;s time to sit back, relax and enjoy a little joe &#8230; Welcome to another rousing edition of Black Coffee, your off-beat weekly round-up of what&#8217;s been going on in the world of money and personal finance. I hope everyone is enjoying their weekend. I know I am &#8230; so let&#8217;s get this show on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":46694,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","pmpro_default_level":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[472],"tags":[],"class_list":{"0":"post-55944","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-commentary","8":"pmpro-has-access","9":"entry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Black Coffee: Countdown to a Crisis<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/lenpenzo.com\/blog\/id55944-black-coffee-27-jul-2019.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Black Coffee: Countdown to a Crisis\" \/>\n<meta property=\"og:description\" content=\"It&#8217;s time to sit back, relax and enjoy a little joe &#8230; Welcome to another rousing edition of Black Coffee, your off-beat weekly round-up of what&#8217;s been going on in the world of money and personal finance. I hope everyone is enjoying their weekend. 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