{"id":59050,"date":"2020-01-25T02:15:08","date_gmt":"2020-01-25T10:15:08","guid":{"rendered":"https:\/\/lenpenzo.com\/blog\/?p=59050"},"modified":"2023-05-12T10:36:44","modified_gmt":"2023-05-12T17:36:44","slug":"black-coffee-25-jan-2020","status":"publish","type":"post","link":"https:\/\/lenpenzo.com\/blog\/id59050-black-coffee-25-jan-2020.html","title":{"rendered":"Black Coffee: A Financial System In Jeopardy"},"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>Nobody wants to put the creditworthiness of the United States in jeopardy. Nobody wants to see the United States default. So we&#8217;ve got to seize this moment, and we have to seize it soon.<\/em><\/p><\/blockquote>\n<p style=\"text-align: right;\"><strong>&#8212; Barack Obama<\/strong><\/p>\n<blockquote><p><em>A fool too late bewares when all the peril is past.<\/em><\/p><\/blockquote>\n<p style=\"text-align: right;\"><strong>&#8212; Elizabeth I<\/strong><\/p>\n<p><strong>Credits and Debits<\/strong><\/p>\n<p><span style=\"color: #ff0000;\"><strong>Debit:<\/strong><\/span> Did you see this? I hate to sound like a broken record, folks, but <a href=\"https:\/\/economyandmarkets.com\/markets\/stocks\/the-great-stock-overvaluing\/\" target=\"_blank\" rel=\"noopener noreferrer\">how absurd is the current stock market<\/a>? Not only have stocks gone 70 days without so much as even a measly 1% decline, but when measured by total market capitalization to US GDP, the stock market would have to fall by one-third just to get back to the ridiculous level we witnessed just prior to the financial crisis of 2008.<\/p>\n<p><span style=\"color: #ff0000;\"><strong>Debit:<\/strong><\/span> Of course, one of the biggest examples of just how insane the market has become is Telsa. Ever since the Fed launched QE4 in October, Tesla shares have been on the move. In fact, they climbed another 5% higher this week, pushing the market cap of the relatively-tiny electric vehicle manufacturer over $100 billion. That officially makes Tesla <a href=\"https:\/\/www.zerohedge.com\/markets\/tesla-now-valued-more-worlds-largest-automaker-after-volkswagen-short-squeeze\" target=\"_blank\" rel=\"noopener noreferrer\">the world&#8217;s largest automaker<\/a>.<\/p>\n<p><span style=\"color: #ff0000;\"><strong>Debit:<\/strong><\/span> So despite never delivering an annual profit, <a href=\"https:\/\/www.modestmoney.com\/tradingview-review\/\" target=\"_blank\" rel=\"noopener\">stock market investors<\/a> say Tesla is more valuable than Volkswagen &#8212; even though VW delivered <a href=\"https:\/\/www.reuters.com\/article\/us-volkswagen-deliveries\/volkswagens-2019-vehicle-deliveries-slightly-above-2018-idUSKBN1Z81KJ\" target=\"_blank\" rel=\"noopener noreferrer\">almost 11 million vehicles<\/a> in 2019, compared to the 367,200 cars delivered by Tesla in 2019. Investors have also determined that Tesla is more valuable than GM <em><strong>and<\/strong><\/em> BMW &#8212; combined. I know &#8230; but I also suspect most investors buying Tesla stock at these lofty levels <em><strong>aren&#8217;t<\/strong><\/em> <em>Jeopardy!<\/em> material. Then again &#8230;<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/Ch_hoYPPeGc?controls=0&amp;start=408;end=550\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p><span style=\"color: #ff0000;\"><strong>Debit:<\/strong><\/span> To prevent recessions from turning into depression, <a href=\"https:\/\/money.usnews.com\/money\/blogs\/on-retirement\/2012\/07\/17\/how-would-keynes-save-our-economy\" target=\"_blank\" rel=\"noopener noreferrer\">the modus operandi of central banks<\/a> has been to print money and lower interest rates by 4% or more in order to increase consumer confidence and and entice them to spend more. Never mind that all this really does is further increase debt levels, thereby making the problem worse &#8212; although it <em><strong>does<\/strong><\/em> make the bankers richer.<\/p>\n<p><span style=\"color: #008000;\"><strong>Credit:<\/strong><\/span> Now, central banks have graduated to naked debt monetization. The trouble is, as MN Gordon notes, &#8220;<a href=\"https:\/\/economicprism.com\/living-on-borrowed-time\/\" target=\"_blank\" rel=\"noopener noreferrer\">We&#8217;re living on borrowed time<\/a>. The day will come when the costs exceed any benefits. That&#8217;s when those costs will be paid with ruinous price inflation. In the meantime, everything is awesome. Shares of Tesla are trading at over $500. Somebody say &#8216;amen.'&#8221; Amen. And hallelujah too.<\/p>\n<p><span style=\"color: #008000;\"><strong>Credit:<\/strong><\/span> Indeed, in a recent interview with the Financial Times, the outgoing Bank of England governor, Mark Carney, warned that <a href=\"https:\/\/www.ft.com\/content\/713a70b4-315d-11ea-a329-0bcf87a328f2\" target=\"_blank\" rel=\"noopener noreferrer\">central banks are running out of ammo<\/a> to combat a downturn: &#8220;If there were to be a deeper downturn, then it&#8217;s not clear that monetary policy would have sufficient space to jump-start the global economy.&#8221; If Japan is any guide, it&#8217;s <em><strong>crystal<\/strong><\/em> clear, Mr. Carney: there <em><strong>won&#8217;t<\/strong><\/em> be sufficient space.<\/p>\n<p><span style=\"color: #ff0000;\"><strong>Debit:<\/strong><\/span> Somewhat curiously, the International Monetary Fund (IMF) is now warning that the global economy could soon find itself <a href=\"https:\/\/www.theguardian.com\/business\/2020\/jan\/17\/head-of-imf-says-global-economy-risks-return-of-great-depression\" target=\"_blank\" rel=\"noopener noreferrer\">mired in a great depression<\/a>. Hmmm. Now I&#8217;m confused. Twas a time when bankers wouldn&#8217;t be caught dead in the very-lonely tin-foil hat club that I&#8217;ve belonged to for the past ten years. On second thought, I&#8217;m not the only one who seems to be all mixed up &#8230;<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/56_YCl0wmSM?controls=0&amp;start=28\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><span style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" data-mce-type=\"bookmark\" class=\"mce_SELRES_start\">\ufeff<\/span><\/iframe><\/p>\n<p><span style=\"color: #ff0000;\"><strong>Debit:<\/strong><\/span> Of course, at this stage of the economic cycle, the prudent course of action is for the Fed to replenish its policy armory by increasing interest rates to at least 4% &#8212; if not higher &#8212; while the economy is still in relatively good shape. Then again, such a move would initiate a severe economic downturn &#8212; although would also <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\">flush the zombie corporations<\/a>, insane stock market valuations, and other malinvestments from the system.<\/p>\n<p><span style=\"color: #ff0000;\"><strong>Debit:<\/strong><\/span> On the other hand, stock prices have very little to do with the typical Average Joe living on Main St. &#8212; and their participation in the domestic economy &#8212; because just <a href=\"https:\/\/www.nytimes.com\/2018\/02\/08\/business\/economy\/stocks-economy.html\" target=\"_blank\" rel=\"noopener noreferrer\">10% of the American population owns 84% of all stocks<\/a> held by US households.<\/p>\n<p><span style=\"color: #008000;\"><strong>Credit:<\/strong><\/span> However, as money manager Lance Roberts observes, while the Fed talks about wanting higher rates of inflation, <a href=\"https:\/\/realinvestmentadvice.com\/yes-rates-are-still-going-to-zero\/\" target=\"_blank\" rel=\"noopener noreferrer\">they can&#8217;t allow rates to rise<\/a> because the average American requires $3000 in debt annually to maintain their standard of living. And it&#8217;s not just Average Joe who would be affected if rates were ever normalized; the US government is so <a href=\"https:\/\/www.usdebtclock.org\/\" target=\"_blank\" rel=\"noopener noreferrer\">deep in debt<\/a> that it can no longer afford higher interest rates either.<\/p>\n<p><span style=\"color: #008000;\"><strong>Credit:<\/strong><\/span> Everyone knows the Fed is trapped. They can raise rates, which will decimate the stock market, lower American living standards, and cripple the US economy for a long, painful period of time &#8212; or they can continue suppressing rates to keep the charade going until the dollar finally implodes and forces a <em><strong>real<\/strong><\/em> solution. The good news is it&#8217;s not too late to buy a little wealth insurance. So what are you waiting for?<\/p>\n<p><strong>By the Numbers<\/strong><\/p>\n<p>Here are some numbers from the completely out-of-touch annual billionaire <a href=\"https:\/\/www.zerohedge.com\/geopolitical\/i-dont-see-her-beijing-or-delhi-neil-ferguson-slams-davos-virtue-signaling-greta\" target=\"_blank\" rel=\"noopener noreferrer\">social-justice-warrior summit<\/a> in Davos, Switzerland:<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong><span style=\"color: #0000ff;\">119<\/span><\/strong><\/span><\/span> Number of billionaires in attendance.<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>$500,000,000,000<\/strong><\/span><\/span> The combined wealth of the billionaires in attendance this year.<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong><span style=\"color: #0000ff;\">2000<\/span><\/strong><\/span><\/span> The number of people in the world who have more wealth than the poorest 4.6 billion combined.<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>1<\/strong><\/span><\/span> Rank the Davos delegates gave to &#8220;extreme weather&#8221; among the biggest global risks in 2020.<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>2<\/strong><\/span><\/span> Rank the Davos delegates gave to &#8220;Climate action failure&#8221; among the biggest global risks in 2020.<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>0<\/strong><\/span><\/span> Estimated number of Davos participants who live in a small eco-footprint home with less than 1000 square feet of living space, or flew to the event on a commercial jet airliner.<\/p>\n<p><em>Source: <a href=\"https:\/\/www.forbes.com\/sites\/oliverwilliams1\/2020\/01\/21\/five-numbers-show-how-out-of-touch-the-world-economic-forum-is-becoming\/#5c40cfcfdab6\" target=\"_blank\" rel=\"noopener noreferrer\">Forbes<\/a><\/em><\/p>\n<p><strong>The Question of the Week<\/strong><\/p>\n<p><code>[poll id=\"305\"]<\/code><\/p>\n<p><strong>Last Week&#8217;s Poll Results<\/strong><\/p>\n<p>How many times did you go to a movie theater in 2019?<\/p>\n<ul>\n<li>Zero (39%)<\/li>\n<li>2 to 5 (35%)<\/li>\n<li>Once (20%)<\/li>\n<li>More than 5 (6%)<\/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 slightly more than 2 in 5 Len Penzo dot Com visited a movie theater at least twice last year, unlike yours truly, who didn&#8217;t go a single time last year. Since I can see most movies at home on demand within a month of release, I feel the premium to watch flicks at the theater isn&#8217;t worth the money. But, hey &#8230; I&#8217;m an old fogey.<\/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: Cheap Yardage<\/strong><\/p>\n<p>Walking up to a department store&#8217;s fabric counter, a pretty girl asked, &#8220;I want to buy this material for a new dress. How much does it cost?&#8221;<\/p>\n<p>The male clerk behind the counter smirked and said, &#8220;That material is on special today: It&#8217;s just one kiss per yard!&#8221;<\/p>\n<p>&#8220;That&#8217;s fine,&#8221; replied the girl. &#8220;I&#8217;ll take seven yards.&#8221;<\/p>\n<p>So, with expectation and anticipation written all over his face, the clerk hurriedly measured out and wrapped the cloth, and then held it out teasingly. The girl grabbed the package and pointed to a little old man standing nearby. &#8220;My Grandpa will pay the bill,&#8221; she said.<\/p>\n<p><em>(h\/t: Sharon)<\/em><\/p>\n<p><strong>Other Useless News<\/strong><\/p>\n<p>Here are the top five articles viewed by my <strong>29,111<\/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\/id1151-19-things-the-millionaire-next-door-wont-tell-you-2.html\" target=\"_blank\" rel=\"noopener noreferrer\">19 Things the Millionaire Next Door Won&#8217;t Tell You<\/a><\/li>\n<li><a href=\"https:\/\/lenpenzo.com\/blog\/id58647-8-finance-rules-to-live-by-in-the-new-year.html\" target=\"_blank\" rel=\"noopener noreferrer\">8 Finance Rules to Live by in 2020<\/a><\/li>\n<li><a href=\"https:\/\/lenpenzo.com\/blog\/id2140-10-things-we-just-cant-live-without-even-though-grandma-did-2.html\" target=\"_blank\" rel=\"noopener noreferrer\">10 Things Most of Us Can&#8217;t Live Without Today &#8212; But Our Grandmas Did!<\/a><\/li>\n<li><a href=\"https:\/\/lenpenzo.com\/blog\/id21767-how-one-man-paid-87500-in-moronic-ira-fees-2.html\" target=\"_blank\" rel=\"noopener noreferrer\">Moron Alert: How One Man Paid $87,500 in Partially Avoidable IRA Fees<\/a><\/li>\n<li><a href=\"https:\/\/lenpenzo.com\/blog\/id45632-4-resolutions-that-can-help-make-2018-a-better-year-for-your-finances-2.html\" target=\"_blank\" rel=\"noopener noreferrer\">4 Resolutions That Can Help You Improve Your Finances<\/a><\/li>\n<\/ol>\n<p><strong>This Week&#8217;s Sponsor: File Taxes Online with H&amp;R Block!<\/strong><\/p>\n<p>Tax time is here. The good news is you can file taxes from anywhere with Block by your side. H&amp;R Block is a leading global consumer tax services provider with over 60 years of tax experience. You can get <strong>25% off<\/strong> by simply clicking on the banner below.<\/p>\n<p>H&amp;R Block makes filing your taxes easy!<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-59125\" src=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2020\/01\/HR-Block-2020-Save-25-Pct.jpg\" alt=\"\" width=\"350\" height=\"292\" \/><\/p>\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. <em><strong>Please support this website by patronizing my sponsors!<\/strong><\/em><\/p>\n<p>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 the <a href=\"https:\/\/lenpenzo.com\/blog\/id40256-4-things-every-homeowner-should-look-for-in-a-pest-control-company.html\" target=\"_blank\" rel=\"noopener noreferrer\">4 things every homeowner should look for in a pest control company<\/a>, <strong>Tori Raddison<\/strong> left this comment:<\/p>\n<blockquote><p><em>Getting rid of a rat&#8217;s nest is much more effective than getting rid of a few rats &#8212; that includes my soon-to-be ex-husband who left me last month for my best friend.<\/em><\/p><\/blockquote>\n<p><span style=\"color: #0000ff;\">You know &#8230; I&#8217;m thinking it may be time for me to start up a therapy blog.<\/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-59050","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: A Financial System In Jeopardy<\/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\/id59050-black-coffee-25-jan-2020.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Black Coffee: A Financial System In Jeopardy\" \/>\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. 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