{"id":57444,"date":"2019-10-26T02:15:37","date_gmt":"2019-10-26T09:15:37","guid":{"rendered":"https:\/\/lenpenzo.com\/blog\/?p=57444"},"modified":"2023-08-30T16:03:57","modified_gmt":"2023-08-30T23:03:57","slug":"black-coffee-26-oct-2019","status":"publish","type":"post","link":"https:\/\/lenpenzo.com\/blog\/id57444-black-coffee-26-oct-2019.html","title":{"rendered":"Black Coffee: The Perils of Sailing a Red-Ink Sea"},"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>Delay is the deadliest form of denial.<\/em><\/p><\/blockquote>\n<p style=\"text-align: right;\"><strong>&#8212; C. Northcote Parkinson<\/strong><\/p>\n<blockquote><p><em>They battened down the hatches<br \/>\nBut the hatches wouldn&#8217;t hold &#8230;<\/em><\/p><\/blockquote>\n<p style=\"text-align: right;\"><strong>&#8212; Bob Dylan, &#8220;Tempest&#8221;<\/strong><\/p>\n<p><strong>Credits and Debits<\/strong><\/p>\n<p><span style=\"color: #ff0000;\"><strong>Debit:<\/strong><\/span> Did you see this? A new report by Credit Suisse says the number of well-off in China has, for the first time, <a href=\"https:\/\/www.credit-suisse.com\/about-us-news\/en\/articles\/media-releases\/global-wealth-report-2019--global-wealth-rises-by-2-6--driven-by-201910.html\" target=\"_blank\" rel=\"noopener noreferrer\">surpassed the number of wealthy Americans<\/a>. In fact, the report found that 100 million Chinese are officially members of the global &#8220;top 10% club&#8221; versus 99 million Americans. The world, it is a-changin&#8217;.<\/p>\n<p><span style=\"color: #ff0000;\"><strong>Debit:<\/strong><\/span> Once upon a time Caterpillar was considered <em><strong>the<\/strong><\/em> bellwether stock for the industrial sector. If that&#8217;s still true, then the world economy is teetering on the brink of its first recession in almost 10 years, as CAT reported <a href=\"https:\/\/www.cnbc.com\/2019\/10\/23\/caterpillar-earnings-2point66-a-share-vs-2point88-eps-expected.html\" target=\"_blank\" rel=\"noopener noreferrer\">dismal quarterly earnings<\/a> this week while slashing its profit outlook in 2020. In case you&#8217;re wondering just how far Cat execs tempered next year&#8217;s profit expectations, here&#8217;s a visual aid that should help:<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/imkdz63agHY?controls=0&amp;start=0;end=37;\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p><span style=\"color: #008000;\"><strong>Credit:<\/strong><\/span> Speaking of dismal earnings, Bill Blaine recently noted, &#8220;If you <a href=\"https:\/\/morningporridge.com\/the-morning-porridge\/f\/blains-morning-porridge---oct-21st-2019\" target=\"_blank\" rel=\"noopener noreferrer\">wake up on a Casper mattress<\/a>, work out with a Peloton before breakfast, Uber to your desk at a WeWork, order DoorDash for lunch, take a Lyft home, and get dinner through Postmates, you&#8217;ve interacted with seven companies that will collectively lose $14 billion this year.&#8221; Surprised? Don&#8217;t be; these <a href=\"https:\/\/fortune.com\/2019\/09\/02\/why-zombie-companies-are-on-the-rise-and-could-pose-a-threat-to-the-u-s-economy\/\" target=\"_blank\" rel=\"noopener noreferrer\">zombies are an unfortunate side effect<\/a> of a world awash with worthless currency.<\/p>\n<p><span style=\"color: #008000;\"><strong>Credit:<\/strong><\/span> On a related note, a few days ago Michael Lebowitz offered up this extremely pithy observation about Texas Instruments (symbol: TXN) that is <strong><em>also<\/em><\/strong> directly attributable to worthless currency, via artificially-low interest rates:<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Since 2006 TXN revenue is up 2.6% and TXN stock is up nearly 300%. Lucky for management they can mask no growth by buying back about a third of the shares and fooling investors.<\/p>\n<p>Michael Lebowitz, CFA (@michaellebowitz) <a href=\"https:\/\/twitter.com\/michaellebowitz\/status\/1187023978927398912?ref_src=twsrc%5Etfw\">October 23, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"color: #ff0000;\"><strong>Debit:<\/strong><\/span> Meanwhile, <a href=\"https:\/\/www.zerohedge.com\/markets\/fed-injects-134bn-liquidity-term-repo-obersubscribed-amid-month-end-liquidity-panic\" target=\"_blank\" rel=\"noopener noreferrer\">the worldwide dollar shortage is getting worse<\/a>, as the Fed increased its daily overnight liquidity injections by 60% this week with $200 billion released <em><strong>in the last month alone<\/strong><\/em>. Clearly, something, somewhere, has broken behind the scenes. The $64 trillion question is what, exactly, is causing this liquidity-demand spike within a system that is &#8212; ironically &#8212; already drowning in $1.5 trillion of excess reserves?<\/p>\n<p><span style=\"color: #ff0000;\"><strong>Debit:<\/strong><\/span> While something has clearly broken behind the scenes, the international monetary system died in the Great Financial Crisis of 2008 and has officially been on life support &#8212; better known as quantitative easing (QE) &#8212; ever since. As a result, the central banks&#8217; have now printed $16 trillion in a desperate effort to keep the <em>Weekend at Bernie&#8217;s<\/em> economy going. And that&#8217;s <a href=\"https:\/\/www.zerohedge.com\/markets\/here-real-reason-fed-restarted-qe\" target=\"_blank\" rel=\"noopener noreferrer\">expected to hit $18 trillion<\/a> by 2021 &#8212; assuming they get that far.<\/p>\n<p><span style=\"color: #008000;\"><strong>Credit:<\/strong><\/span> Market analyst Dave Kranzler says he has yet to encounter a reasonable explanation for this latest batch of Fed &#8220;money printing which is <a href=\"http:\/\/investmentresearchdynamics.com\/what-is-the-fed-hiding-with-its-repo-operations\/\" target=\"_blank\" rel=\"noopener noreferrer\">accelerating in size and frequency<\/a> almost weekly.&#8221; He also says that &#8220;the Fed is going out of its way to obscure the truth. But it&#8217;s pretty obvious to me that big bank balance sheets are starting to melt down again.&#8221; Wait &#8230; but we were told in 2008 that QE and near-zero rates were supposed to fix everything!<\/p>\n<p><span style=\"color: #ff0000;\"><strong>Debit:<\/strong><\/span> The trouble is, if you believe the latest report from consulting firm McKinsey, the <a href=\"https:\/\/www.cnbc.com\/2019\/10\/22\/nearly-60-percent-of-global-banks-would-not-survive-another-downturn-mckinsey-warns.html\" target=\"_blank\" rel=\"noopener noreferrer\">central bankers have no choice<\/a> regarding the reintroduction of QE (um &#8230; that isn&#8217;t <em><strong>really<\/strong><\/em> QE .. <em>wink, wink<\/em>). In other words: print even <em><strong>more<\/strong><\/em> funny money &#8230; or the system dies. That&#8217;s because, according to the report, nearly 60% of global banks are no longer generating enough returns to weather a future economic storm. Yikes.<\/p>\n<p><span style=\"color: #008000;\"><strong>Credit:<\/strong><\/span> For those who want a peek into just how bad the next financial storm will be, Peter Schiff offers this: &#8220;The Fed has been successful in fooling the markets regarding the temporary and reversible nature of 0% rates, QE, and its (growing) balance sheet. The realization that they&#8217;re neither could cause a flight from the dollar and Treasuries that could <a href=\"https:\/\/schiffgold.com\/commentaries\/this-is-not-a-printing-press-or-is-it\/\" target=\"_blank\" rel=\"noopener noreferrer\">usher in a crisis<\/a> far worse than 2008.&#8221; And that&#8217;s probably an understatement.<\/p>\n<p><span style=\"color: #ff0000;\"><strong>Debit:<\/strong><\/span> The mainstream media is finally waking up and shining a light on <a href=\"https:\/\/www.reuters.com\/article\/us-imf-worldbank-economy-analysis\/negative-rates-forever-central-bankers-look-for-an-exit-idUSKBN1WY0R8\" target=\"_blank\" rel=\"noopener noreferrer\">the central banks&#8217; mounting woes<\/a>. This week, Iceland&#8217;s central bank governor, Asgeir Jonsson, told Reuters that negative interest rates &#8220;may be hiding deep underlying problems&#8221; and are &#8220;a sign of sickness for developed economies.&#8221; No, Mr. Jonsson; they&#8217;re actually a sign of the current debt-based monetary system in its death throes.<\/p>\n<p><span style=\"color: #008000;\"><strong>Credit:<\/strong><\/span> Of course, you don&#8217;t have to tell asset manager Egon von Greyerz that fiat money is on its death bed. He warns that, &#8220;In a world that can&#8217;t survive without incessant deficits, money printing and negative interest rates, something is clearly rotten; it stinks of lies, deceit and decadance because those who control the financial system have everything to gain from false markets, false money and false rates. I&#8217;ll say. Somebody pass the soap &#8230;<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/ciqSdgLh_1w?controls=0\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p><span style=\"color: #ff0000;\"><strong>Debit:<\/strong><\/span> Fiat money&#8217;s downward trajectory steepened after President Nixon &#8220;temporarily&#8221; <a href=\"https:\/\/schiffgold.com\/key-gold-news\/nixon-closes-the-gold-window\/\" target=\"_blank\" rel=\"noopener noreferrer\">broke the dollar&#8217;s anchor with gold<\/a> in 1971. Since then, more than $2 quadrillion of debt, derivatives and unfunded liabilities have been created and now the world finds itself drowning in a sea of red ink, which is why almost all world currencies are struggling to maintain the last remnants of their original purchasing power &#8230; although it will be to no avail.<\/p>\n<p><span style=\"color: #008000;\"><strong>Credit:<\/strong><\/span> As Von Greyerz reminds us, &#8220;For 5000 years, the only real money has been <a href=\"https:\/\/lenpenzo.com\/blog\/id16252-silver-and-gold-the-superheroes-of-wealth-preservation.html\" target=\"_blank\" rel=\"noopener noreferrer\">gold and silver<\/a>. And whenever the financial system has deviated from that principle, it&#8217;s ended in disaster for the world.&#8221; This time is no different, folks. The S.S. Fiat Money hit an iceberg in 2008 and it&#8217;s now destined for Davy Jones&#8217; locker. The good news is it&#8217;s still not too late to grab a gold or silver lifeboat. But time is clearly running out.<\/p>\n<p><strong>By the Numbers<\/strong><\/p>\n<p>Just for fun, here are a few highlights from the latest Gallup poll on honesty and ethics in professions:<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>1<\/strong><\/span><\/span> Nurses&#8217; rank among 43 professions whose ethics are seen as being high or very high. (84%)<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong><span style=\"color: #0000ff;\">19<\/span><\/strong><\/span><\/span> Percentage of poll respondents who rated lawyers&#8217; ethical standards as high or very high.<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>8<\/strong><\/span><\/span> Percentage of poll respondents who rated the ethical standards of car salesmen as high or very high.<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong><span style=\"color: #0000ff;\">5<\/span><\/strong><\/span><\/span> Percentage of poll respondents who rated the ethical standards of both pharmacists <strong><em>and<\/em><\/strong> engineers as low or very low.<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>28<\/strong><\/span><\/span> Percentage of respondents who rated lawyers&#8217; ethical standards as low or very low.<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>34<\/strong><\/span><\/span> Percentage of respondents who rated journalists&#8217; ethical standards as low or very low.<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>4<\/strong><\/span><\/span> Number of professions that respondents rated as having lower ethical standards than journalists. [Advertisers (37%); car salesmen (44%); telemarketers (56%); congressmen (58%)]<\/p>\n<p><em>Source: <a href=\"http:\/\/www.gallup.com\/poll\/1654\/honesty-ethics-professions.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">Gallup<\/a><\/em><\/p>\n<p><strong>The Question of the Week<\/strong><\/p>\n<p><code>[poll id=\"291\"]<\/code><\/p>\n<p><strong>Last Week&#8217;s Poll Results<\/strong><\/p>\n<p>How much will you spend on Halloween candy, costumes and decorations this year?<\/p>\n<ul>\n<li>Less than $25 (71%)<\/li>\n<li>More than $50 (17%)<\/li>\n<li>$25 &#8211; $50 (12%)<\/li>\n<\/ul>\n<p>More than 1700 Len Penzo dot Com readers responded to last week&#8217;s question and it turns out that almost 3 in 10 of them will be spending at least $25 on Halloween in 2019. That&#8217;s about $15 more than I dished out this year &#8212; all of it on candy, by the way. For the sake of my waistline, I hope there&#8217;s very little left after the trick-or-treaters get their fair share.<\/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: Wake-up Call<\/strong><\/p>\n<p>A married couple were sound asleep when the phone rang at two in the morning. So the wife (undoubtedly blonde), picked up the phone, listened for a moment and said, &#8220;How should I know? That&#8217;s 200 miles from here!&#8221;<\/p>\n<p>And with that, she hung up.<\/p>\n<p>&#8220;Who was that?&#8221; the husband asked.<\/p>\n<p>&#8220;I don&#8217;t know,&#8221; the wife replied. &#8220;Some woman wanting to know if the coast is clear.&#8221;<\/p>\n<p><em>(h\/t: Sam I Am)<\/em><\/p>\n<p><strong>Other Useless News<\/strong><\/p>\n<p>Here are the top five articles viewed by my <strong>27,991<\/strong> RSS feed, weekly email subscribers, and other followers over the past 30 days (excluding Black Coffee posts):<\/p>\n<ol>\n<li>10 Unique Halloween Treats That Kids Love &#8212; But Rarely Get!<\/li>\n<li><a href=\"https:\/\/lenpenzo.com\/blog\/id9030-sneaky-pizza-delivery-fees-are-here-to-stay-and-its-your-fault-2.html\" target=\"_blank\" rel=\"noopener noreferrer\">Outrageous Pizza Delivery Fees Are Here to Stay (and It&#8217;s Your Fault)<\/a><\/li>\n<li><a href=\"https:\/\/lenpenzo.com\/blog\/id57150-16-extreme-ways-to-increase-your-monthly-savings.html\" target=\"_blank\" rel=\"noopener noreferrer\">16 Extreme Ways to Increase Your Monthly Savings<\/a><\/li>\n<li><a href=\"https:\/\/lenpenzo.com\/blog\/id1347-find-plumber-ripped-2.html\" target=\"_blank\" rel=\"noopener noreferrer\">How to Find a Low-Cost Plumber Who Won&#8217;t Rip You Off<\/a><\/li>\n<li>10 Ways to Get Fit for Little or No Money<\/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 recent Len Penzo dot Com article offering <a href=\"https:\/\/lenpenzo.com\/blog\/id51960-4-tips-that-will-help-you-improve-your-credit-score.html\" target=\"_blank\" rel=\"noopener noreferrer\">tips to help you improve your credit score<\/a>, <strong>James Rosa<\/strong> left this comment:<\/p>\n<blockquote><p><em>I know how it feels to be frustrated by credit report issues. I paid a credit hacker but it didn&#8217;t work out for me. Then I decided to fix my own credit the old fashioned way &#8212; mainly by paying my bills on time.<\/em><\/p><\/blockquote>\n<p><span style=\"color: #0000ff;\">Good for you, James! Unlike that so-called &#8220;credit hacker,&#8221; you can be sure that self-reliance and personal responsibility will never let you down.<\/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-57444","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: The Perils of Sailing a Red-Ink Sea<\/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\/id57444-black-coffee-26-oct-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: The Perils of Sailing a Red-Ink Sea\" \/>\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. I know I am &#8230; so let&#8217;s get this show on [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/lenpenzo.com\/blog\/id57444-black-coffee-26-oct-2019.html\" \/>\n<meta property=\"og:site_name\" content=\"Len Penzo dot Com\" \/>\n<meta property=\"article:publisher\" content=\"http:\/\/www.facebook.com\/LenPenzo\" \/>\n<meta property=\"article:published_time\" content=\"2019-10-26T09:15:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-30T23:03:57+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2017\/12\/black-coffee.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"375\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Len Penzo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@LenPenzo\" \/>\n<meta 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