{"id":78625,"date":"2023-05-20T01:15:16","date_gmt":"2023-05-20T08:15:16","guid":{"rendered":"https:\/\/lenpenzo.com\/blog\/?p=78625"},"modified":"2023-05-23T06:17:59","modified_gmt":"2023-05-23T13:17:59","slug":"black-coffee-20-may-2023","status":"publish","type":"post","link":"https:\/\/lenpenzo.com\/blog\/id78625-black-coffee-20-may-2023.html","title":{"rendered":"Black Coffee: Food for Thought"},"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

Well … another busy week is behind us. So with that in mind, let’s get this party started …<\/p>\n

Why is gold the unmentionable, four-letter word of economics? The answer is threefold: A misunderstanding of the role of money; a misreading of history; and finally, visceral revulsion to the notion that a metal can do a better job of guiding monetary policy than a gaggle of finance bureaucrats, central bankers and well-degreed economists. <\/em><\/p><\/blockquote>\n

–\u00a0Malcolm Forbes<\/strong><\/p>\n

Every society is three meals away from chaos.<\/em><\/p><\/blockquote>\n

– Vladimir Lenin<\/strong><\/p>\n

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

Debit: <\/strong><\/span>Did you see this? Food banks across Ohio have seen a surge in demand, with some running at double capacity. Matt Habash, CEO of the Mid-Ohio Food Collective, reports that “Right now we’re running 47% higher<\/a> in 2023 than we did a year ago, and it scares me to death. I thought it would drop after the pandemic but I don’t think there’s any end in sight.” Then again, you can bet a lot of the people who are lining up for those freebies are driving some very nice cars<\/a>. So there’s that. Oh … and on a related note:<\/p>\n

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(h\/t: u\/BoatSurfer600)<\/p><\/div>\n

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Debit: <\/strong><\/span>If you’re wondering why so many people in Ohio and elsewhere are reaching out to food banks, consider this: While the annual inflation rate slowed to 4.9% in April, government data shows that groceries are now 23% more expensive<\/a> than before the start of the pandemic – which actually means that groceries are closer to 50%<\/strong><\/em> more expensive than before the start of the pandemic. Ironically, everybody already knows this except for the mainstream media’s go-to “top economist” …<\/p>\n

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(h\/t: The New Yorker<\/i>)<\/p><\/div>\n

Debit:<\/strong><\/span>\u00a0In other news, I see the latest US Census data shows that 42% of Baby Boomers – those between the ages of 60 and 79 – have no retirement savings<\/a> stored in a 401(k), 403(b), 503(b), or defined-benefit and cash balance plans. The Census data also revealed that just 44% of Gen X – those between 40 and 59 – have no retirement account. The good news is that the Social Security trust fund is in the peak of health. Oh, wait …<\/p>\n

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(h\/t: @ThHappyHawaiian)<\/p><\/div>\n

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(h\/t: r\/WallStreetSilver)<\/p><\/div>\n

Debit: <\/strong><\/span>By the way, when it comes to American retirees’ primary source of income in retirement<\/a>, 40% cite Social Security. The average monthly Social Security check to a retiree is now $1782, or about $21,384 annually. However, between 2016 and 2020, the average American household headed by someone aged 65 and up spent $48,791 per year, or $4066 per month – and that was before<\/strong><\/em> skyrocketing inflation. Does anybody else see a problem here? Me too. The good news is, every predicament has a solution. Well\u00a0 … at least for those who are truly determined to find one (Ed. note: the following video does not “freeze” … be patient!<\/em>):<\/p>\n