{"id":63571,"date":"2020-10-31T02:15:40","date_gmt":"2020-10-31T09:15:40","guid":{"rendered":"https:\/\/lenpenzo.com\/blog\/?p=63571"},"modified":"2023-05-12T10:39:20","modified_gmt":"2023-05-12T17:39:20","slug":"black-coffee-31-oct-2020","status":"publish","type":"post","link":"https:\/\/lenpenzo.com\/blog\/id63571-black-coffee-31-oct-2020.html","title":{"rendered":"Black Coffee: A Chicken In Every Pot"},"content":{"rendered":"<p><a href=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2016\/10\/hurricane-flags.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-39451\" src=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2016\/10\/hurricane-flags.jpg\" alt=\"hurricane-flags\" width=\"301\" height=\"288\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2016\/10\/hurricane-flags.jpg 404w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2016\/10\/hurricane-flags-300x287.jpg 300w\" sizes=\"auto, (max-width: 301px) 100vw, 301px\" \/><\/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>Election Day is almost here and I need to cast my ballot, so let&#8217;s get right to this week&#8217;s commentary &#8230;<\/p>\n<blockquote><p><em>In the short run, the market is a voting machine &#8212; but in the long run it&#8217;s a weighing machine.<\/em><\/p><\/blockquote>\n<p style=\"text-align: right;\"><strong>&#8212; Benjamin Graham<\/strong><\/p>\n<blockquote><p><em>Gold would have value if for no other reason than that it enables a citizen to fashion his financial escape from the state.<\/em><\/p><\/blockquote>\n<p style=\"text-align: right;\"><strong>&#8212; William F. Rickenbacker<\/strong><\/p>\n<p><strong>Credits and Debits<\/strong><\/p>\n<p><span style=\"color: #008000;\"><strong>Credit:<\/strong><\/span> Did you see this? Just one quarter after the US economy collapsed by a record 31.4% annualized, this week the government reported that <a href=\"https:\/\/www.marketwatch.com\/story\/gdp-soars-by-record-331-annual-pace-in-third-quarter-but-coronavirus-resurgence-threatens-us-economic-recovery-2020-10-29\" target=\"_blank\" rel=\"noopener noreferrer\">US GDP rebounded<\/a> by a similarly record high 33.1% in Q3 that&#8217;s the biggest annualized increase in history. That <em><strong>is<\/strong><\/em> impressive &#8212; but it still doesn&#8217;t count as a full V-recovery. At least from a purely mathematical perspective.<\/p>\n<p><span style=\"color: #008000;\"><strong>Credit:<\/strong><\/span> For those of you counting at home, the surge in growth was primarily <a href=\"https:\/\/www.cnbc.com\/2020\/10\/29\/us-gdp-report-third-quarter-2020.html\" target=\"_blank\" rel=\"noopener noreferrer\">driven by personal spending<\/a>, which climbed an annualized 40.7% &#8212; that&#8217;s also a record. But wait &#8230; there&#8217;s more! Business investment and housing also posted strong increases too. And if you believe stock market investors, business prospects are good for video chat company, Zoom. On second thought, maybe they&#8217;re <strong><em>too<\/em><\/strong> good &#8230;<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Markets arent rational<\/p>\n<p>They are bipolar .. extreme over and undervaluation to be found <a href=\"https:\/\/t.co\/F5RplXinGo\">https:\/\/t.co\/F5RplXinGo<\/a><\/p>\n<p>Willem Middelkoop (@wmiddelkoop) <a href=\"https:\/\/twitter.com\/wmiddelkoop\/status\/1322110149591474176?ref_src=twsrc%5Etfw\">October 30, 2020<\/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> On the other hand, last quarter&#8217;s fantastic GDP performance numbers should be put in context; to be fair, on a year-over-year basis the rebound <a href=\"https:\/\/www.zerohedge.com\/markets\/us-gdp-soars-record-331-q3-smashing-expectations\" target=\"_blank\" rel=\"noopener noreferrer\">wasn&#8217;t nearly as impressive<\/a>. In fact, as foreshadowed here a couple of weeks ago, the US economy is <em><strong>still<\/strong><\/em> showing a 2.9% decline compared to 2019, and 3.5% below its pre-pandemic peak &#8212; and that&#8217;s <em><strong>despite<\/strong><\/em> a massive multi-trillion dollar stimulus injection.<\/p>\n<p><span style=\"color: #ff0000;\"><strong>Debit:<\/strong><\/span> Speaking of stimulus packages, you can bet that Congress has another $2 trillion is on tap for 2021. Needless to say, that will be put on the same national credit card, just like this year&#8217;s multi-trillion-dollar rescue package was. Unfortunately, that kind of reckless spending is why the dollar has lost <a href=\"https:\/\/www.aier.org\/article\/who-bears-the-burden-of-dollars-falling-purchasing-power\/\" target=\"_blank\" rel=\"noopener noreferrer\">more than 96% of its purchasing power<\/a> since 1913. I know &#8230; and you thought <em><strong>this<\/strong><\/em> was scary:<\/p>\n<p style=\"text-align: center;\"><iframe loading=\"lazy\" style=\"border: none; overflow: hidden;\" src=\"https:\/\/www.facebook.com\/plugins\/video.php?height=476&amp;href=https%3A%2F%2Fwww.facebook.com%2Fkens5%2Fvideos%2F1266902470337399%2F&amp;show_text=false&amp;width=380\" width=\"380\" height=\"476\" frameborder=\"0\" scrolling=\"no\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p><span style=\"color: #008000;\"><strong>Credit:<\/strong><\/span> As MN Gordon observes, &#8220;How much longer <a href=\"https:\/\/economicprism.com\/inflationism-has-overturned-society\/\" target=\"_blank\" rel=\"noopener noreferrer\">this dollar corruption<\/a> can continue is uncertain. But there are limits. For example, how much bread can be added to a meatloaf before it&#8217;s fully corrupted? How many printing press dollars can be added to the economy before they&#8217;re rejected as payment by foreign trade partners?&#8221; Psst &#8230; hey, Mr. Gordon &#8212; call me. I&#8217;ve made more than a few corrupt meatloaves over the years.<\/p>\n<p><span style=\"color: #008000;\"><strong>Credit:<\/strong><\/span> You can bet America&#8217;s soaring debt load is a big reason why macroeconomist Jim Rickards believes, &#8220;A dollar <a href=\"https:\/\/dailyreckoning.com\/new-gold-standard-orderly-or-chaotic\/\" target=\"_blank\" rel=\"noopener noreferrer\">collapse has already begun<\/a> and the need for a new monetary order is now emerging. I believe it will involve gold. The only question is whether it will be an orderly process resulting from a new monetary conference, or a chaotic one.&#8221; For everyone&#8217;s sake, let&#8217;s hope it is the former. Sadly, I think it will be the latter.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Exponentially-growing debt running headlong into Moores Law &amp; its exponential deflation will likely NOT be resolved in linear fashion &#8211; the resulting reset, when it comes, will be spectacular to behold. <a href=\"https:\/\/twitter.com\/JeffBooth?ref_src=twsrc%5Etfw\">@JeffBooth<\/a> <a href=\"https:\/\/t.co\/2o6s13N90A\">pic.twitter.com\/2o6s13N90A<\/a><\/p>\n<p>Luke Gromen (@LukeGromen) <a href=\"https:\/\/twitter.com\/LukeGromen\/status\/1321909665119244288?ref_src=twsrc%5Etfw\">October 29, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"color: #008000;\"><strong>Credit:<\/strong><\/span> Market analyst Jeff Clark agrees with Rickards, predicting that <a href=\"https:\/\/goldsilver.com\/blog\/heres-who-wins-the-november-election\/\" target=\"_blank\" rel=\"noopener noreferrer\">the big winner on election day<\/a> will be the yellow metal: &#8220;Gold wins if there is uncertainty. Gold wins if there&#8217;s social unrest. Gold wins if the results are contested and drag out. And gold wins if massive fiscal stimulus is enacted&#8221; &#8212; which is likely to happen regardless of who wins the election. Great. But I&#8217;d sure feel a heck of a lot better if this guy wasn&#8217;t so wishy-washy.<\/p>\n<p><span style=\"color: #008000;\"><strong>Credit:<\/strong><\/span> By the way, Charles Hugh Smith says an economic collapse is <em><strong>also<\/strong><\/em> likely to happen next year <a href=\"http:\/\/charleshughsmith.blogspot.com\/2020\/10\/flying-blind-clueless-about-risk-were.html\" target=\"_blank\" rel=\"noopener noreferrer\">regardless of which team is in power<\/a>. In fact, Smith warns that the risk of systemic collapse is far higher than most people believe due to things like recency bias and &#8220;the perceived godlike powers&#8221; of the Fed. Smith says, &#8220;It&#8217;s the equivalent of flying blind at 5000 feet without radar and through thick fog, into the Rockies.&#8221; Uh huh. Or trying to fly a half-scale radio-controlled turbo jet made out of wood and glue:<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/8yf_QTbDeWM?controls=0&amp;start=2;end=131\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p><span style=\"color: #ff0000;\"><strong>Debit:<\/strong><\/span> Remember, both gold and silver have acted as proven wealth insurance from monetary system collapse for thousands of years. Let&#8217;s just hope that our politicians don&#8217;t repeat the same crime against its citizens that FDR committed in 1933, during the middle of the Great Depression, when he signed an unlawful Executive Order that ordered Americans to <a href=\"https:\/\/www.huffpost.com\/entry\/when-owning-gold-was-ille_b_10708196\" target=\"_blank\" rel=\"noopener noreferrer\">surrender their gold coins and bullion<\/a>.<\/p>\n<p><span style=\"color: #008000;\"><strong>Credit:<\/strong><\/span> So &#8230; could a similar prohibition on cash be in the cards? Well .. there <em><strong>are<\/strong><\/em> rumblings that the Fed is planning to mint <a href=\"https:\/\/www.americanthinker.com\/articles\/2020\/10\/this_election_will_be_decisive_for_the_worlds_reserve_currency.html\" target=\"_blank\" rel=\"noopener noreferrer\">a digital cryptocoin<\/a> that will initially be used to pay federal and state employees, before cash &#8212; and its inherent privacy &#8212; is banned forever. Entrepreneur Paige Donner says &#8220;the only uncertainty is the time frame&#8221; &#8212; but she suggests a Biden presidency will significantly speed up the process. At least we won&#8217;t have to wait long to find out.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Ah, who am I kidding.<br \/>\nWe already know whos really in charge. <a href=\"https:\/\/t.co\/5lrEkPvG9j\">pic.twitter.com\/5lrEkPvG9j<\/a><\/p>\n<p>Sven Henrich (@NorthmanTrader) <a href=\"https:\/\/twitter.com\/NorthmanTrader\/status\/1321893057407668224?ref_src=twsrc%5Etfw\">October 29, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><strong>By the Numbers<\/strong><\/p>\n<p>Here are the states with the five highest and lowest average credit scores in 2020:<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>50<\/strong><\/span><\/span> Mississippi (average credit score: 657)<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>49<\/strong><\/span><\/span> Alabama (662)<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>48<\/strong><\/span><\/span> Louisiana (664)<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>47<\/strong><\/span><\/span> Texas (669)<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>46<\/strong><\/span><\/span> Georgia (670)<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>5<\/strong><\/span><\/span> South Dakota (707)<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>4<\/strong><\/span><\/span> North Dakota (709)<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>3<\/strong><\/span><\/span> Washington (709)<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>2<\/strong><\/span><\/span> Hawaii (709)<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>1<\/strong><\/span><\/span> Minnesota (720)<\/p>\n<p><em>Source: <a href=\"https:\/\/wallethub.com\/edu\/states-with-the-highest-lowest-credit-scores\/79466\" target=\"_blank\" rel=\"noopener noreferrer\">Wallet Hub<\/a><\/em><\/p>\n<p><strong>The Question of the Week<\/strong><\/p>\n<p><code>[poll id=\"344\"]<\/code><\/p>\n<p><strong>Last Week&#8217;s Poll Results<\/strong><\/p>\n<p>How many kids are you expecting this year for Halloween?<\/p>\n<ul>\n<li>Less than 25 (65%)<\/li>\n<li>25 &#8211; 100 (27%)<\/li>\n<li>More than 100 (9%)<\/li>\n<\/ul>\n<p>More than 1900 Len Penzo dot Com readers responded to this week&#8217;s poll and it turns out that 1 in 11 of them are actually expecting more than 100 kids this Halloween. Wow! Not too shabby. I haven&#8217;t seen more than 100 kids at my front door in quite a few years.<\/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: Master and Servant<br \/>\n<\/strong><\/p>\n<p>An English landowner and his Irish manservant ran into each other in hell one day.<\/p>\n<p>&#8220;My lord!&#8221; the Irishman exclaimed, &#8220;What are you doing here?&#8221;<\/p>\n<p>The landowner sighed. &#8220;I&#8217;m here because I lied, cheated, and stole to pay the debts run up by that playboy son of mine. But you were a faithful, loyal servant. So why are you here?&#8221;<\/p>\n<p>&#8220;For fathering that playboy son of yours,&#8221; the Irishman replied.<\/p>\n<p><em>(h\/t: Susan)<\/em><\/p>\n<p><strong>More Useless News<\/strong><\/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> &#8212; oh, <a href=\"https:\/\/parler.com\/LenPenzo\" target=\"_blank\" rel=\"noopener noreferrer\">and Parler too<\/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> &#x1f603;<\/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 &#8212; 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 this week&#8217;s article highlighting <a href=\"https:\/\/lenpenzo.com\/blog\/id30780-8-store-brand-items-that-are-superior-to-their-name-brand-twins.html\">8 Store Brand Items That Are Superior to Their Name Brand Twins<\/a>, <strong>Kathy<\/strong> offered this tip:<\/p>\n<blockquote><p><em>I refuse to go generic on toilet paper.<\/em><\/p><\/blockquote>\n<p><span style=\"color: #0000ff;\">You can pooh-pooh the generic TP all you want, Kathy, but it&#8217;s great for your bottom &#8230; line.<\/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: stock photo<\/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. Election Day is almost here and I need to cast my ballot, so let&#8217;s get right to this [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":51224,"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-63571","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 Chicken In Every Pot<\/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\/id63571-black-coffee-31-oct-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 Chicken In Every Pot\" \/>\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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