{"id":62910,"date":"2020-09-12T02:15:44","date_gmt":"2020-09-12T09:15:44","guid":{"rendered":"https:\/\/lenpenzo.com\/blog\/?p=62910"},"modified":"2023-04-30T07:05:13","modified_gmt":"2023-04-30T14:05:13","slug":"black-coffee-12-sept-2020","status":"publish","type":"post","link":"https:\/\/lenpenzo.com\/blog\/id62910-black-coffee-12-sept-2020.html","title":{"rendered":"Black Coffee: America’s Coming ‘Eat Your Peas’ Moment"},"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

Summer is in its waning days, and for most people on Main Street, the financial crisis rages on. Meanwhile, for the suits on Wall Street, there’s still plenty of money being made — whether legitimate or not.<\/p>\n

And with that, let’s get to this week’s financial commentary …<\/p>\n

“The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default.”<\/em><\/p><\/blockquote>\n

— Alan Greenspan<\/strong><\/p>\n

“The best way to destroy the capitalist system is to debauch the currency.”<\/em><\/p><\/blockquote>\n

— Vladimir Lenin<\/strong><\/p>\n

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

Debit:<\/strong><\/span> Did you see this? According to a new study, job losses from the COVID pandemic have caused the number of American adults living at home with their parents to reach a level not seen since the Great Depression. As of July, 52% of millennials were living with Mom and Dad<\/a> — 26 million in all — that’s up from 47% in February. The “good” news is: the government is hiring. As usual.<\/p>\n

\n

Of the 1.371 million people who returned to work in Aug., 344,000 or 25% of them took government jobs. Since most of these jobs are non-productive, the cost of employing these workers is actually a drag on the economy, as it drains resources away from more productive private use.<\/p>\n

Peter Schiff (@PeterSchiff) September 4, 2020<\/a><\/p><\/blockquote>\n