{"id":61526,"date":"2020-06-20T02:15:08","date_gmt":"2020-06-20T09:15:08","guid":{"rendered":"https:\/\/lenpenzo.com\/blog\/?p=61526"},"modified":"2020-07-11T07:39:37","modified_gmt":"2020-07-11T14:39:37","slug":"black-coffee-20-june-2020","status":"publish","type":"post","link":"https:\/\/lenpenzo.com\/blog\/id61526-black-coffee-20-june-2020.html","title":{"rendered":"Black Coffee: Okay, Boomer …"},"content":{"rendered":"

\"\"It’s time to sit back, relax and enjoy a little joe<\/em> …<\/p>\n

Welcome to another rousing edition of Black Coffee, your off-beat weekly round-up of what’s been going on in the world of money and personal finance.<\/p>\n

Despite the continuing economic slowdown, I hope all you dad’s out there have a thoroughly enjoyable Father’s Day weekend. You can bet I’m planning on it!<\/p>\n

Okay, let’s get started …<\/p>\n

Giving money and power to the government is like giving the car keys and whiskey to teenage boys.<\/em><\/p><\/blockquote>\n

— P.J. O’Rourke<\/strong><\/p>\n

There is no means of avoiding a final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as a result of a voluntary abandonment of further credit expansion or later as a final and total catastrophe of the currency system involved.<\/em><\/p><\/blockquote>\n

— Ludwig Von Mises<\/strong><\/p>\n

Credits and Debits<\/strong><\/p>\n

Debit:<\/strong><\/span> Did you see this? During the past 13 weeks, more than twice as many Americans<\/a> have filed for unemployment than the total number of jobs that were created in the 10 years since the the Great Financial Crisis ended. Specifically: 22 million jobs created since 2010, versus 45.7 million jobs lost since mid-March. By the way, that’s 388 lost jobs for every confirmed US coronavirus death. But I’m sure the economic shutdown was worth it.<\/p>\n

Credit:<\/strong><\/span> And while the economy is slowly getting back to normal, don’t expect pent up demand to save us from what’s coming. As Harley Dalton notes, “Individuals will clearly suffer<\/a> in their quality of life; and this is especially true for society’s poor (because) an economy which produces less than before will be forced to sacrifice the availability of all kinds of privileges we once enjoyed.” Uh huh. Oh, and speaking of suffering individuals …<\/p>\n