{"id":62712,"date":"2020-08-29T02:15:32","date_gmt":"2020-08-29T09:15:32","guid":{"rendered":"https:\/\/lenpenzo.com\/blog\/?p=62712"},"modified":"2020-09-01T05:37:45","modified_gmt":"2020-09-01T12:37:45","slug":"black-coffee-29-aug-2020","status":"publish","type":"post","link":"https:\/\/lenpenzo.com\/blog\/id62712-black-coffee-29-aug-2020.html","title":{"rendered":"Black Coffee: Calling Out the Legal Looters"},"content":{"rendered":"

\"hurricane-flags\"<\/a>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

Whenever destroyers appear among men, they start by destroying money, for money is men’s protection and the base of a moral existence. Destroyers seize gold and leave to its owners a counterfeit pile of paper. This kills all objective standards and delivers men into the arbitrary power of an arbitrary setter of values. Gold was an objective value, an equivalent of wealth produced; paper is a mortgage on wealth that does not exist, backed by a gun aimed at those who are expected to produce it. Paper is a check drawn by legal looters upon an account which is not theirs: upon the virtue of the victims. Watch for the day when it bounces, marked: ‘Account Overdrawn.’<\/em><\/p><\/blockquote>\n

— Ayn Rand, Atlas Shrugged<\/em><\/strong><\/p>\n

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

Debit:<\/strong><\/span> Did you see this? A large food bank line<\/a> emerged on last Saturday in New York City, stretching for nearly a quarter-mile down the street. The La Jornada food pantry, in Queens, usually hands out food packages to 1000 families per week — but that number recently skyrocketed to 10,000. Yikes.<\/p>\n

Credit:<\/strong><\/span> In other news, asset manager John Mauldin warned this week that “The Great Reset<\/a>” is coming. “It’s a toss-up whether we will have a $30 trillion national debt by New Year’s Day,” he says, “but we’ll be at $40 trillion by 2025 — plus massive corporate debt and pension crises that will boggle the mind. The calm will come after the upheaval of the ’20s” (Psst. So if you’re hoping for a repeat of the Roaring ’20s, make another wish.)<\/p>\n

Debit:<\/strong><\/span> Unfortunately, this is the same guy who followed up his “Great Reset” prediction by saying this: “I’m excited about the future. I truly think we’re on the cusp of actually reversing aging<\/a> in our lifetimes, if not this decade.” Aww, sheesh; did you really<\/strong><\/em> have to go there, John? Folks … this why those of us in the Tin Foil Hat brigade continue to have a bad reputation.<\/p>\n

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Nooooooooo… https:\/\/t.co\/VHJ3H6YD0K<\/a> pic.twitter.com\/AOA4RzJ2HM<\/a><\/p>\n

Sven Henrich (@NorthmanTrader) August 26, 2020<\/a><\/p><\/blockquote>\n