{"id":81512,"date":"2023-12-30T01:15:34","date_gmt":"2023-12-30T09:15:34","guid":{"rendered":"https:\/\/lenpenzo.com\/blog\/?p=81512"},"modified":"2024-01-02T07:46:36","modified_gmt":"2024-01-02T15:46:36","slug":"black-coffee-30-dec-2023","status":"publish","type":"post","link":"https:\/\/lenpenzo.com\/blog\/id81512-black-coffee-30-dec-2023.html","title":{"rendered":"Black Coffee: Buckling Up for the New Year"},"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>Another busy week is crossed off the list. So without further ado, let&#8217;s get right to the commentary &#8230;<\/p>\n<blockquote><p><em>And now we welcome the new year. Full of things that have never been. <\/em><\/p><\/blockquote>\n<p style=\"text-align: right;\"><strong>&#8211; Rainer Maria Rilke<\/strong><\/p>\n<p><strong>Credits and Debits<\/strong><\/p>\n<p><span style=\"color: #008000;\"><strong>Credit:<\/strong><\/span> Did you see this? American tipping culture has spiraled out of control, with more consumers opposed to higher service charges and suggested tipping amounts, according to a recently published study that surveyed 11,945 American adults on tipping policies. The survey found that <a href=\"https:\/\/www.pewresearch.org\/2023\/11\/09\/tipping-culture-in-america-public-sees-a-changed-landscape\/\" target=\"_blank\" rel=\"noopener\">72% of respondents<\/a> opposed automatic service charges that appear on their bills. And 50% of those respondents strongly opposed the practice. Huh. I wonder why &#8230;<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/fho85Cd94ug?si=FZaZTm096UMX-PEP&amp;controls=0&amp;start=0&amp;end=86&amp;autoplay=0 title=\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p><span style=\"color: #ff0000;\"><strong>Debit:<\/strong><\/span> Then again, American tipping culture isn&#8217;t the <em><strong>only<\/strong><\/em> thing that is out of control. Consider China and its 1.4 billion citizens. Yes; that&#8217;s <em><strong>a lot<\/strong><\/em> of people. Even so, the entire population of China isn&#8217;t big enough to fill <a href=\"https:\/\/www.reuters.com\/world\/china\/even-chinas-14-bln-population-cant-fill-all-its-vacant-homes-former-official-2023-09-23\/\" target=\"_blank\" rel=\"noopener\">all of its empty houses<\/a>. Thankfully, there&#8217;s an ancient Chinese proverb out there that can help explain this. At least I&#8217;m <em><strong>pretty<\/strong><\/em> sure there is. Behold, Exhibit A &#8230;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-81552\" src=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/Untitled-51-808x1024.png\" alt=\"\" width=\"540\" height=\"685\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/Untitled-51-808x1024.png 808w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/Untitled-51-237x300.png 237w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/Untitled-51-768x974.png 768w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/Untitled-51-1211x1536.png 1211w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/Untitled-51.png 1224w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><\/p>\n<div id=\"attachment_81564\" style=\"width: 550px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-81564\" class=\"wp-image-81564\" src=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/Untitled-54-1024x878.png\" alt=\"\" width=\"540\" height=\"463\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/Untitled-54-1024x878.png 1024w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/Untitled-54-300x257.png 300w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/Untitled-54-768x659.png 768w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/Untitled-54.png 1336w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><p id=\"caption-attachment-81564\" class=\"wp-caption-text\">Source: APMI Partners<\/p><\/div>\n<p><span style=\"color: #ff0000;\"><strong>Debit:<\/strong><\/span> It&#8217;s a well-known fact that China has long relied on real-estate development as a &#8220;safe&#8221; investment to bolster economic growth. But that development was based on an artificial increase in the currency supply that was completely detached from actual economic activity for more than a decade. As a result, all of that conjured currency only served to create an excess supply, with millions of endless high-rise buildings left empty. Of course, China doesn&#8217;t have a monopoly on reckless government economic meddling. On this side of the Pacific, Canada&#8217;s Senate is still <a href=\"https:\/\/www.thestar.com\/news\/canada\/canada-is-considering-a-guaranteed-universal-basic-income-program-here-s-what-that-means\/article_98a4ee99-150c-50b5-8867-0203efc51520.html\" target=\"_blank\" rel=\"noopener\">considering <em><strong>this<\/strong><\/em> proposal<\/a>:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-81531\" src=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/TWEET-2-3-1024x432.png\" alt=\"\" width=\"540\" height=\"228\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/TWEET-2-3-1024x432.png 1024w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/TWEET-2-3-300x126.png 300w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/TWEET-2-3-768x324.png 768w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/TWEET-2-3.png 1224w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-81532\" src=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/TWEET-2A-1-767x1024.png\" alt=\"\" width=\"540\" height=\"721\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/TWEET-2A-1-767x1024.png 767w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/TWEET-2A-1-225x300.png 225w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/TWEET-2A-1-768x1025.png 768w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/TWEET-2A-1-1151x1536.png 1151w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/TWEET-2A-1.png 1224w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-81558\" src=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/Untitled-53.png\" alt=\"\" width=\"540\" height=\"546\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/Untitled-53.png 998w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/Untitled-53-296x300.png 296w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/Untitled-53-768x777.png 768w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><\/p>\n<p><span style=\"color: #ff0000;\"><strong>Debit:<\/strong><\/span> Meanwhile, south of the 49th parallel, the federal government in Washington DC has <a href=\"https:\/\/finance.yahoo.com\/news\/7-6-trillion-us-government-040643412.html\" target=\"_blank\" rel=\"noopener\">$7.6 trillion in maturing debt<\/a> to rollover in 2024. Add in another $3 to $5 trillion in new debt issuance to finance deficit spending. That means the Fed has to sell $10 to $12 trillion in debt instruments over the next 12 months. Er, assuming there&#8217;s enough buyers, that is. Otherwise, the Fed is going to have to buy them. Yes; I know &#8230; the Fed has been buying unwanted Treasuries for quite a while. But just play along.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-81527\" src=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/TWEET-1-3-687x1024.png\" alt=\"\" width=\"540\" height=\"805\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/TWEET-1-3-687x1024.png 687w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/TWEET-1-3-201x300.png 201w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/TWEET-1-3-768x1144.png 768w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/TWEET-1-3-1031x1536.png 1031w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/TWEET-1-3.png 1220w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><\/p>\n<div id=\"attachment_81528\" style=\"width: 550px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-81528\" class=\"wp-image-81528\" src=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/DEBASEMENT.png\" alt=\"\" width=\"540\" height=\"828\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/DEBASEMENT.png 626w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/DEBASEMENT-196x300.png 196w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><p id=\"caption-attachment-81528\" class=\"wp-caption-text\">(h\/t: GoldSilver.com)<\/p><\/div>\n<p><span style=\"color: #ff0000;\"><strong>Debit:<\/strong><\/span> For those not counting at home, the total budget deficit for the 2024 fiscal year, which began October 1, has already risen <a href=\"https:\/\/www.fiscal.treasury.gov\/reports-statements\/mts\/current.html\" target=\"_blank\" rel=\"noopener\">above $380 billion<\/a>. The new total, which includes the months of October and November, puts the US on track for a total annual deficit of more than $2 trillion by the end of the fiscal year. That would be an increase of more than 25% over 2023 fiscal year, which was itself a 23% increase over 2022. Unfortunately, more than half of that spending ends up being malinvested, rather than being used to provide for the economic security, shelter, and free healthcare of all its citizens. Oh, wait &#8230;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-81524\" src=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/SECURITY-1024x939.png\" alt=\"\" width=\"540\" height=\"495\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/SECURITY-1024x939.png 1024w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/SECURITY-300x275.png 300w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/SECURITY-768x704.png 768w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/SECURITY.png 1040w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-81525\" src=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/TWEET-0-4-971x1024.png\" alt=\"\" width=\"540\" height=\"569\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/TWEET-0-4-971x1024.png 971w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/TWEET-0-4-285x300.png 285w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/TWEET-0-4-768x810.png 768w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/TWEET-0-4.png 1220w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><\/p>\n<div id=\"attachment_81526\" style=\"width: 550px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-81526\" class=\"wp-image-81526\" src=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/SPENDING-BREAKDOWN.png\" alt=\"\" width=\"540\" height=\"372\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/SPENDING-BREAKDOWN.png 896w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/SPENDING-BREAKDOWN-300x207.png 300w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/SPENDING-BREAKDOWN-768x530.png 768w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/SPENDING-BREAKDOWN-348x240.png 348w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><p id=\"caption-attachment-81526\" class=\"wp-caption-text\">(h\/t: The Mises Institute)<\/p><\/div>\n<p><span style=\"color: #ff0000;\"><strong>Debit:<\/strong><\/span> Ironically, on a quarterly basis, US GDP has been running at a very robust 5%. But this is misleading because it now takes <a href=\"https:\/\/www.youtube.com\/watch?v=3HPDF9q3hJw\" target=\"_blank\" rel=\"noopener\">$4 of debt to generate $1 of economic growth<\/a>. In a normal, healthy financial system, a single dollar of debt should generate <em><strong>more<\/strong><\/em> than a dollar of growth. And although that seems like an intractable problem, keep in mind that the Fed has plenty of experts on its staff who have been tasked with studying how similar nations that fell into the same trap managed to avoid a hyperinflationary outcome.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-81523\" src=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/EXAM-READY-841x1024.png\" alt=\"\" width=\"540\" height=\"658\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/EXAM-READY-841x1024.png 841w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/EXAM-READY-246x300.png 246w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/EXAM-READY-768x935.png 768w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/EXAM-READY.png 844w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-81522\" src=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/TWEET-3-2-1024x443.png\" alt=\"\" width=\"540\" height=\"234\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/TWEET-3-2-1024x443.png 1024w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/TWEET-3-2-300x130.png 300w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/TWEET-3-2-768x332.png 768w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/TWEET-3-2.png 1230w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><br \/>\n<span style=\"color: #ff0000;\"><strong>Debit:<\/strong><\/span> Of course, the US is in this position because, at nearly 135%, the US debt-to-GDP ratio is far above the mathematical threshold where additional debt becomes destructive to the economy. On the other hand, when you consider that the federal government spent &#8211; among other waste, fraud and abuse &#8211; $2.7 million to study <a href=\"https:\/\/www.hsgac.senate.gov\/wp-content\/uploads\/Festivus-2023.pdf\" target=\"_blank\" rel=\"noopener\">Russian cats walking on a treadmill<\/a>, $6 million to promote tourism in Egypt, $477,000 to study transgender monkeys, and $200 million to support scores of multi-million-dollar &#8220;struggling artists&#8221; in the music industry, then the income-to-debt ratio seems almost moot. I said &#8220;almost&#8221; &#8230;<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/Li0no7O9zmE?si=YxxQwCfQ-KU50QJo&amp;controls=0&amp;start=6&amp;end=169&amp;autoplay=0 title=\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p><span style=\"color: #008000;\"><strong>Credit:<\/strong><\/span> On the bright side, despite all of the terrible economic news, the stock market is near all-time highs again. However, as market analyst Gregory Mannarino notes, that&#8217;s because &#8220;there is <a href=\"https:\/\/kingworldnews.com\/central-banks-are-going-to-print-money-and-buy-everything-in-2024\/\" target=\"_blank\" rel=\"noopener\">no connection or correlation<\/a> whatsoever between the economy and the stock market; as they&#8217;re now totally detached from each other. Moreover, the gap between the economy and stock market is going to get even larger moving into 2024.&#8221; And if you&#8217;re okay with that, I&#8217;ll bet you also think <em><strong>this<\/strong><\/em> is a great deal too:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-81519\" src=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/SUCH-A-DEAL-830x1024.png\" alt=\"\" width=\"540\" height=\"666\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/SUCH-A-DEAL-830x1024.png 830w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/SUCH-A-DEAL-243x300.png 243w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/SUCH-A-DEAL-768x948.png 768w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/SUCH-A-DEAL.png 838w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-81520\" src=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/TWEET-5-1-1024x734.png\" alt=\"\" width=\"540\" height=\"387\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/TWEET-5-1-1024x734.png 1024w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/TWEET-5-1-300x215.png 300w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/TWEET-5-1-768x551.png 768w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/TWEET-5-1.png 1230w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-81521\" src=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/TWEET-5A-1024x453.png\" alt=\"\" width=\"540\" height=\"239\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/TWEET-5A-1024x453.png 1024w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/TWEET-5A-300x133.png 300w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/TWEET-5A-768x340.png 768w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/TWEET-5A.png 1230w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><\/p>\n<p><span style=\"color: #ff0000;\"><strong>Debit:<\/strong><\/span> The US&#8217;s debt situation isn&#8217;t being helped by the United Arab Emirates (UAE), which has officially <a href=\"https:\/\/www.msn.com\/en-us\/money\/markets\/uae-officially-stops-using-dollar-for-oil-trades\/ar-AA1kCMxH\" target=\"_blank\" rel=\"noopener\">stopped trading oil in US dollars<\/a> (USD), thereby putting yet <em><strong>another<\/strong><\/em> nail in the petrodollar&#8217;s coffin &#8211; and further increasing the risk of a major loss in USD purchasing power &#8211; and a declining American living standard &#8211; down the road. The UAE&#8217;s decision to switch away from using USDs &#8211; and by extension, US Treasuries &#8211; in the oil trade marks a broader pivot among the BRICS economic alliance to transition to the use of local currencies for oil transactions. Ya all hear what I&#8217;m sayin&#8217;? Hello? Anybody? Is this thing on???<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-81517\" src=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/HUH.png\" alt=\"\" width=\"540\" height=\"558\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/HUH.png 850w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/HUH-290x300.png 290w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/HUH-768x793.png 768w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-81518\" src=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/UST-FOREIGN-OWNERSHIP-1024x768.png\" alt=\"\" width=\"540\" height=\"405\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/UST-FOREIGN-OWNERSHIP-1024x768.png 1024w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/UST-FOREIGN-OWNERSHIP-300x225.png 300w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/UST-FOREIGN-OWNERSHIP-768x576.png 768w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/UST-FOREIGN-OWNERSHIP-1536x1152.png 1536w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/UST-FOREIGN-OWNERSHIP.png 1578w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-81556\" src=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/Untitled-52-686x1024.png\" alt=\"\" width=\"540\" height=\"806\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/Untitled-52-686x1024.png 686w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/Untitled-52-201x300.png 201w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/Untitled-52-768x1147.png 768w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/Untitled-52-1028x1536.png 1028w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/Untitled-52.png 1224w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><\/p>\n<p><span style=\"color: #ff0000;\"><strong>Debit:<\/strong><\/span> By the way, the UAE announcement is more smoke from the fire that&#8217;s raging below the deck of the USS United States Dollar, as 30 more nations have applied to join the BRICS economic bloc. <a href=\"https:\/\/www.msn.com\/en-us\/money\/markets\/breaking-30-more-countries-apply-to-join-the-brics\/ar-AA1m4a2d\" target=\"_blank\" rel=\"noopener\">No, really<\/a>. The entire world is now quickly coming to the realization that the US is dead broke. Tick tock.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-81545\" src=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/Untitled-49-1024x736.png\" alt=\"\" width=\"540\" height=\"388\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/Untitled-49-1024x736.png 1024w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/Untitled-49-300x216.png 300w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/Untitled-49-768x552.png 768w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/Untitled-49.png 1224w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-81516\" src=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/BROKE.png\" alt=\"\" width=\"540\" height=\"713\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/BROKE.png 776w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/BROKE-227x300.png 227w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/BROKE-768x1013.png 768w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><\/p>\n<p><span style=\"color: #008000;\"><strong>Credit:<\/strong><\/span> We&#8217;ll close our final Black Coffee of 2023 with this prediction from Mr. Mannarino: &#8220;Come 2024, central banks are planning to <em><strong>vastly<\/strong><\/em> increase their purchases of assets and massively inflate global debt. So expect bond yields to drop in 2024, and more cash to make its way into the stock market. Also expect housing and real estate prices to go even higher. Expect that central bank issued notes will lose even more of their purchasing power &#8211; and expect that the world economy will deteriorate more rapidly than ever before.&#8221; Will he be right? Only time will tell. But either way, I&#8217;m not going to lose any sleep over it because I&#8217;ve got my <a href=\"https:\/\/lenpenzo.com\/blog\/id29362-100-words-on-the-difference-between-paper-wealth-and-real-money-2.html\" target=\"_blank\" rel=\"noopener\">wealth insurance<\/a>. Just in case.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-81515\" src=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/2024.png\" alt=\"\" width=\"540\" height=\"613\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/2024.png 902w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/2024-264x300.png 264w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2023\/12\/2024-768x872.png 768w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><\/p>\n<p><strong>Last Week&#8217;s Poll Results<\/strong><\/p>\n<p>Do you think 2024 will be better or worse than 2023?<\/p>\n<ul>\n<li><strong>Worse (61%)<\/strong><\/li>\n<li>About the same (20%)<\/li>\n<li>Better (19%)<\/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 4 in 5 of you think that 2024 is going to be, at best, no better than 2023. And the great majority of you say it will be worse. I agree &#8230; I think this will be the year the fit hits the shan &#8211; at least with respect to the international monetary system.<\/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>The Question of the Week<\/strong><\/p>\n<p><code>[poll id=\"517\"]<\/code><\/p>\n<p><strong>By the Numbers<\/strong><\/p>\n<p>Are you a buy-and-hold investor? If so, you may be interested in this list of the ten best-performing S&amp;P 500 stocks based on their returns since 1 January, 2018. Can you guess which company came out on top?<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>440%<\/strong><\/span><\/span> Eli Lilly and Co. (Symbol: LLY)<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>445%<\/strong><\/span><\/span> Quanta Services (PWR)<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>448%<\/strong><\/span><\/span> Fair Isaac (FICO)<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>469%<\/strong><\/span><\/span> Advanced Micro Devices (AMD)<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>491%<\/strong><\/span><\/span>\u00a0Synopsis (SNPS)<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>498%<\/strong><\/span><\/span> KLA Corp. (KLAC)<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>507%<\/strong><\/span><\/span> Cadence (CDNS)<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>928%<\/strong><\/span><\/span>\u00a0Tesla (TSLA)<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>1054%<\/strong><\/span><\/span> NVIDIA (NVDA)<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>1771%<\/strong><\/span><\/span> Enphase (ENPH)<\/p>\n<p><em>Source: <a href=\"https:\/\/www.zerohedge.com\/markets\/sp-500s-best-performing-stock-over-past-5-years-not-nvda-or-tsla\" target=\"_blank\" rel=\"noopener\">Zero Hedge<\/a><\/em><\/p>\n<p><strong>Useless News: Insurance Claim<\/strong><\/p>\n<p>A man went on a ski trip, and was knocked unconscious by the chair lift. He called his insurance company from the hospital, but it refused to cover his injury.<\/p>\n<p>\u201cWhy is the injury not covered?\u201d he asked.<\/p>\n<p>\u201cYou got hit in the head by a chair lift,\u201d the insurance rep said. \u201cThat makes you an idiot, and we consider that a pre- existing condition.\u201d<\/p>\n<p><em>(h\/t: Terry)<\/em><\/p>\n<p><strong>Buy Me a Coffee! Thank You!<\/strong><\/p>\n<p>For the best reading experience, I present all of my fresh Black Coffee posts without ads. If you enjoyed this week&#8217;s column, buy me a coffee! (Dunkin&#8217; Donuts; <em><strong>not<\/strong><\/em> Starbucks.) Thank you so much!<\/p>\n<form action=\"https:\/\/www.paypal.com\/donate\" method=\"post\" target=\"_top\"><input name=\"hosted_button_id\" type=\"hidden\" value=\"BAMGWUPS3YK7G\" \/><br \/>\n<input title=\"PayPal - The safer, easier way to pay online!\" alt=\"Donate with PayPal button\" name=\"submit\" src=\"https:\/\/www.paypalobjects.com\/en_US\/i\/btn\/btn_donateCC_LG.gif\" type=\"image\" \/><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.paypal.com\/en_US\/i\/scr\/pixel.gif\" alt=\"\" width=\"1\" height=\"1\" border=\"0\" \/><\/p>\n<p><span style=\"color: #ffffff;\"><strong>.<\/strong><\/span><strong><\/p>\n<p>More Useless News<\/strong><\/form>\n<p>Hey, while you&#8217;re here, please don&#8217;t forget to:<\/p>\n<p>1. Subscribe to my weekly <strong>Len Penzo dot Com Newsletter!<\/strong> (It&#8217;s easy! See the big green box in the sidebar at the top of the page.)<\/p>\n<p>2. Make sure you follow me on my new favorite quick-chat site, <strong><a href=\"https:\/\/gab.com\/LenPenzo\" target=\"_blank\" rel=\"noopener\">Gab<\/a><\/strong>! Of course, you can always <a href=\"http:\/\/twitter.com\/LenPenzo\">follow me on Twitter<\/a>. Just be careful what you say there.<\/p>\n<p>3. <a href=\"http:\/\/www.facebook.com\/LenPenzo\" target=\"_blank\" rel=\"noopener noreferrer\">Become a fan of Len Penzo dot Com on Facebook<\/a> too!<\/p>\n<p>And last, but not least &#8230;<\/p>\n<p>4. <em><strong>Please support this website by visiting my sponsors ads!<\/strong><\/em><\/p>\n<p>Thank you!!!! &#x1f60a;<\/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>Somebody calling himself <strong>Gil Wanchai<\/strong>, who supposedly works for a company called &#8220;High Speed Delivery Service,&#8221; had some really good news for me earlier this week:<\/p>\n<blockquote><p><em> I&#8217;m notifying you about a compensation payment of $2,811,041. Please contact us with your name and address to arrange delivery of your money.<\/em><\/p><\/blockquote>\n<p><span style=\"color: #0000ff;\">Great! Please make sure it&#8217;s in 10s and 20s. (Sheesh. Do people really fall for this stuff?)<br style=\"color: #0000ff;\" \/><\/span><\/p>\n<p><strong>If you enjoyed this, please forward it to your friends and family. I&#8217;m Len Penzo and I approved this message.<\/strong> \ud83d\ude42<\/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. Another busy week is crossed off the list. So without further ado, let&#8217;s get right to the commentary [&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-81512","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 v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Black Coffee: Buckling Up for the New Year<\/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\/id81512-black-coffee-30-dec-2023.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Black Coffee: Buckling Up for the New Year\" \/>\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. Another busy week is crossed off the list. 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Another busy week is crossed off the list. 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