{"id":83786,"date":"2024-06-29T01:00:31","date_gmt":"2024-06-29T08:00:31","guid":{"rendered":"https:\/\/lenpenzo.com\/blog\/?p=83786"},"modified":"2024-07-01T17:17:37","modified_gmt":"2024-07-02T00:17:37","slug":"black-coffee-29-june-2024","status":"publish","type":"post","link":"https:\/\/lenpenzo.com\/blog\/id83786-black-coffee-29-june-2024.html","title":{"rendered":"Black Coffee: It&#8217;s a (Debt) Trap!"},"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>Man is the only varmint that sets his own trap, baits it, then steps in it.<\/em><\/p><\/blockquote>\n<p style=\"text-align: right;\"><strong>&#8211; John Steinbeck<\/strong><\/p>\n<p><strong>Credits and Debits<\/strong><\/p>\n<p><span style=\"color: #ff0000;\"><strong>Debit:<\/strong><\/span> Did you see this? A new survey has found that 24% of all Disney-goers have <a href=\"https:\/\/www.lendingtree.com\/debt-consolidation\/disney-goers-debt-survey\/\" target=\"_blank\" rel=\"noopener\">accrued debt<\/a> during their trips; this includes 45% of parents with children under the age of 18. The average amount of debt for those parents was $1983, with in-park food and beverages the biggest drain on the family vacation budget. It&#8217;s hard to believe that the price to get into Disneyland when it initially opened back in 1955 was $2.50 &#8211; that&#8217;s about $24 in today&#8217;s US dollars (USD). And even as late as the mid-70s you could still get an adult Disneyland day pass for just $6. Today, a one-day pass is anywhere from $104 to $194, depending on the day you attend.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-83819\" src=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Untitled-57.png\" alt=\"\" width=\"540\" height=\"394\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Untitled-57.png 982w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Untitled-57-300x219.png 300w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Untitled-57-768x560.png 768w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-83808\" src=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Untitled-53.png\" alt=\"\" width=\"540\" height=\"102\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Untitled-53.png 1228w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Untitled-53-300x57.png 300w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Untitled-53-1024x193.png 1024w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Untitled-53-768x145.png 768w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-83809\" src=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Untitled-54.png\" alt=\"\" width=\"540\" height=\"163\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Untitled-54.png 1228w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Untitled-54-300x90.png 300w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Untitled-54-1024x309.png 1024w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Untitled-54-768x231.png 768w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-83811\" src=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Untitled-55.png\" alt=\"\" width=\"540\" height=\"405\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Untitled-55.png 1196w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Untitled-55-300x225.png 300w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Untitled-55-1024x767.png 1024w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Untitled-55-768x575.png 768w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><\/p>\n<p><span style=\"color: #ff0000;\"><strong>Debit:<\/strong><\/span> It may be a reach &#8211; okay &#8230; it absolutely <em><strong>is<\/strong><\/em> a reach, but indulge us anyway &#8211; perhaps the high cost of Disney is contributing to the <a href=\"https:\/\/finance.yahoo.com\/news\/how-id-thieves-are-having-new-success-stealing-your-bank-deposits-and-checks-153324067.html\" target=\"_blank\" rel=\"noopener\">rise of in-person identity theft<\/a>. Apparently, fraudsters grew more sophisticated during the pandemic, and that has made it far easier to pull off such crimes these days. The trick is in making as difficult as possible for those useless jackasses (who, by the way, give all of the decent jackasses out there a bad name). Take this kind-hearted fella, for example &#8230;<\/p>\n<p><iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/NBdhNL8WFe4?si=oL0GJND69hzJqFlV\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p><span style=\"color: #ff0000;\"><strong>Debit:<\/strong><\/span> By the way it\u2019s not just high-priced Disneyland tickets that are impacting the public\u2019s financial situation; it\u2019s everything essential to living our everyday lives. For example, home prices in America&#8217;s 20 largest cities rose for the <a href=\"https:\/\/www.zerohedge.com\/personal-finance\/us-home-prices-hit-new-record-high-yoy-appreciation-slows\" target=\"_blank\" rel=\"noopener\">14th straight month<\/a>. As a result, the price of a house is 7.2% more today than it was a year ago. And while home prices appears to be stuck in a seemingly-relentless escalation mode, first-time homebuyers will continue to pine for the days when buyers had all the power &#8230;<\/p>\n<p><iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/KLroEf6_yz8?si=IVE2xupX9lI1DXjj&amp;controls=0&amp;start=0&amp;end=198\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p><span style=\"color: #008000;\"><strong>Credit:<\/strong><\/span> As macro analyst Matthew Piepenburg observed this week, the US has &#8220;been getting drunk on debt at levels far beyond our national income as measured by tax receipts or GDP. In short, prior generations enjoyed the Fed martinis while the next are left with the hangover and the tab. For example, the last two US generations are making less money on an inflation-adjusted basis, while their cost of living, on everything from unaffordable housing to grotesquely rigged tuition goes higher.\u201d In other words: the American Dream is <a href=\"https:\/\/kingworldnews.com\/the-younger-generations-in-europe-and-the-us-are-giving-up\/\" target=\"_blank\" rel=\"noopener\">officially dead<\/a>. At least for now.<\/p>\n<div id=\"attachment_83800\" style=\"width: 550px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-83800\" class=\"wp-image-83800\" src=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Untitled-50.png\" alt=\"\" width=\"540\" height=\"521\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Untitled-50.png 1022w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Untitled-50-300x289.png 300w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Untitled-50-768x741.png 768w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><p id=\"caption-attachment-83800\" class=\"wp-caption-text\">(h\/t: @RealAJAntoni)<\/p><\/div>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-83799\" src=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Untitled-49.png\" alt=\"\" width=\"540\" height=\"355\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Untitled-49.png 1224w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Untitled-49-300x197.png 300w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Untitled-49-1024x673.png 1024w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Untitled-49-768x504.png 768w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><\/p>\n<p><span style=\"color: #ff0000;\"><strong>Debit:<\/strong><\/span> In the meantime, America\u2019s financial situation will continue to deteriorate over the coming year as <a href=\"https:\/\/dailypfennig.com\/the-countdown-begins\/\" target=\"_blank\" rel=\"noopener\">$10 trillion<\/a> of federal debt will be rolled over by the end of 2024 &#8211; and that debt will be at far higher interest rates, thereby increasing the US&#8217;s already-skyrocketing debt service costs. I\u2019m sure we don\u2019t need to remind you that once a country\u2019s debt service costs become its biggest expenditure, the national currency is officially on death watch. Unfortunately, as the currency goes, so goes the economy. Not that it needs any more help.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-83802\" src=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/TWEET.png\" alt=\"\" width=\"540\" height=\"62\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/TWEET.png 1228w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/TWEET-300x35.png 300w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/TWEET-1024x118.png 1024w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/TWEET-768x89.png 768w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-83803\" src=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/TWEETA.png\" alt=\"\" width=\"540\" height=\"627\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/TWEETA.png 1228w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/TWEETA-258x300.png 258w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/TWEETA-882x1024.png 882w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/TWEETA-768x892.png 768w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><\/p>\n<p><span style=\"color: #008000;\"><strong>Credit:<\/strong><\/span> The only way to not only permanently slay price inflation, but also restore the economy such that a single blue-collar income will once again become sufficient to comfortably support a family of four, is by reanchoring the US dollar (USD) to gold. As macro analyst Alasdair Macleod points out, &#8220;Price volatility is <a href=\"https:\/\/kingworldnews.com\/wild-trading-week-stunning-charts-bullish-big-picture-for-gold-silver\/\" target=\"_blank\" rel=\"noopener\">always in dollars<\/a> and not gold, which correlates much more with the commodity complex. It follows that if energy and commodity prices are rising, the most important factor is the dollar declining.\u201d On the other hand, if you listen to the Fed, inflation is actually a <em><strong>good<\/strong><\/em> thing \u2026<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-83792\" src=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/TWEET-1-2.png\" alt=\"\" width=\"540\" height=\"416\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/TWEET-1-2.png 1222w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/TWEET-1-2-300x231.png 300w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/TWEET-1-2-1024x789.png 1024w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/TWEET-1-2-768x592.png 768w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><\/p>\n<div id=\"attachment_83793\" style=\"width: 550px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-83793\" class=\"wp-image-83793\" src=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/OIL-USD-VS-GOLD.png\" alt=\"\" width=\"540\" height=\"273\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/OIL-USD-VS-GOLD.png 1728w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/OIL-USD-VS-GOLD-300x152.png 300w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/OIL-USD-VS-GOLD-1024x518.png 1024w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/OIL-USD-VS-GOLD-768x388.png 768w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/OIL-USD-VS-GOLD-1536x777.png 1536w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/OIL-USD-VS-GOLD-341x173.png 341w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><p id=\"caption-attachment-83793\" class=\"wp-caption-text\">The oil price is <b><em>extremely<\/em><\/b> stable &#8211; but only when priced in physical gold. Or a US dollar (USD) that is anchored by the yellow metal, as it was prior to 1971.<\/p><\/div>\n<div id=\"attachment_83794\" style=\"width: 550px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-83794\" class=\"wp-image-83794\" src=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/INFLATION-GOOD.png\" alt=\"\" width=\"540\" height=\"705\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/INFLATION-GOOD.png 798w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/INFLATION-GOOD-230x300.png 230w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/INFLATION-GOOD-784x1024.png 784w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/INFLATION-GOOD-768x1003.png 768w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><p id=\"caption-attachment-83794\" class=\"wp-caption-text\">(h\/t: @BrendanEich)<\/p><\/div>\n<p><span style=\"color: #008000;\"><strong>Credit:<\/strong><\/span> As Judy Shelton, macroeconomist and author of <em>Money Meltdown<\/em> notes, \u201cYou can&#8217;t have sound money <a href=\"https:\/\/www.youtube.com\/watch?v=o-hX5D4bAZo\" target=\"_blank\" rel=\"noopener\">without sound finances<\/a>. I also don&#8217;t know how people talk about free trade without addressing currency gyrations and how they impact trade.\u201d Shelton suggests that a gold standard is the way out of America&#8217;s current debt predicament. Oh, and she also suggests that a gold-backed bond may be the pathway to that new monetary system. Hey &#8230; it couldn&#8217;t hurt. But until then, we&#8217;ll remain stuck playing their rigged game. Oh, and speaking of rigged games &#8230;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-83797\" src=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Untitled-48.png\" alt=\"\" width=\"540\" height=\"462\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Untitled-48.png 1054w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Untitled-48-300x257.png 300w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Untitled-48-1024x876.png 1024w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Untitled-48-768x657.png 768w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-83823\" src=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/TWEET-4.png\" alt=\"\" width=\"540\" height=\"185\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/TWEET-4.png 1214w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/TWEET-4-300x103.png 300w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/TWEET-4-1024x351.png 1024w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/TWEET-4-768x263.png 768w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-83824\" src=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/TWEETA-1.png\" alt=\"\" width=\"540\" height=\"170\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/TWEETA-1.png 1214w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/TWEETA-1-300x94.png 300w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/TWEETA-1-1024x322.png 1024w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/TWEETA-1-768x242.png 768w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><\/p>\n<p><span style=\"color: #ff0000;\"><strong>Debit:<\/strong><\/span> Of course, the trouble is, there is more than enough evidence &#8211; or should we say <em><strong>lack<\/strong><\/em> of evidence &#8211; to suggest that the 8200 tons of gold that the US claims to have in Fort Knox and other depositories is <a href=\"https:\/\/www.tapatalk.com\/groups\/bill_still_reforum\/viewtopic.php?f=3&amp;t=14&amp;sid=d00470976c44149c16f89d901a091b9e\" target=\"_blank\" rel=\"noopener\">long gone<\/a>. Never mind the fact that the General Accounting Office (GAO) admits that America\u2019s stash of 0.999 fine gold &#8211; the <em><strong>only<\/strong><\/em> gold acceptable for settling international commerce &#8211; was reduced by 95% between 1957 and 1972. Maybe that\u2019s why a legitimate audit of US gold reserves hasn\u2019t been conducted in more than 75 years. As for where all that gold might be today, well &#8230; here is the FBI&#8217;s top suspect:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-83814\" src=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Untitled-56.png\" alt=\"\" width=\"540\" height=\"405\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Untitled-56.png 626w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Untitled-56-300x225.png 300w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-83827\" src=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Untitled-58.png\" alt=\"\" width=\"540\" height=\"265\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Untitled-58.png 1214w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Untitled-58-300x147.png 300w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Untitled-58-1024x503.png 1024w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Untitled-58-768x377.png 768w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><\/p>\n<p><span style=\"color: #008000;\"><strong>Credit:<\/strong><\/span> Not coincidentally, central banks added a net 1037 tons of gold to their reserves last year, just slightly below the record of 1082 tons in 2022 &#8211; and it appears that pace will continue. A new survey of 70 central banks found that 20 of them plan to <a href=\"https:\/\/www.moneymetals.com\/news\/2024\/06\/20\/central-banks-appetite-for-gold-hasnt-been-satisfied-003268\" target=\"_blank\" rel=\"noopener\">buy more gold<\/a> during the next 12 months &#8211; that&#8217;s the most since 2018. Only 3% said they plan to reduce gold reserves. As for the reason: Central banks say they&#8217;re concerned about &#8220;shifts in global economic power.&#8221; Or to put it another way: They know global debt is a ticking time bomb, and they\u2019re preparing for the resulting transition from fiat currency to physical gold. Not that anyone is paying attention &#8230;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-83817\" src=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/GLOBAL-DEBT.png\" alt=\"\" width=\"540\" height=\"327\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/GLOBAL-DEBT.png 1034w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/GLOBAL-DEBT-300x182.png 300w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/GLOBAL-DEBT-1024x620.png 1024w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/GLOBAL-DEBT-768x465.png 768w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-83830\" src=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/TWEET-5.png\" alt=\"\" width=\"540\" height=\"315\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/TWEET-5.png 1214w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/TWEET-5-300x175.png 300w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/TWEET-5-1024x597.png 1024w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/TWEET-5-768x448.png 768w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-83831\" src=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/TWEETA-2.png\" alt=\"\" width=\"540\" height=\"229\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/TWEETA-2.png 1214w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/TWEETA-2-300x127.png 300w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/TWEETA-2-1024x434.png 1024w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/TWEETA-2-768x325.png 768w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><\/p>\n<p><span style=\"color: #ff0000;\"><strong>Debit:<\/strong><\/span> By the way, Shelton also warns that the fate of the US may be similar to what happened to the Soviet Union, which had its own debt-based monetary system and insurmountable debt. After seven decades of lies and utopian economics, there was lots of shouting and wailing when that socialist paradise scam finally collapsed without warning in 1992; yet another example that <a href=\"https:\/\/internationalman.com\/articles\/you-cant-taper-a-ponzi-scheme\/\" target=\"_blank\" rel=\"noopener\">you can\u2019t taper a Ponzi scheme<\/a>. With that in mind, Shelton wonders: \u201cIs the US still going to be here 50 years from now? (Because) I don&#8217;t see how.\u201d Sadly, neither do we &#8230;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-83791\" src=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/TWEET-0-7.png\" alt=\"\" width=\"540\" height=\"677\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/TWEET-0-7.png 1222w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/TWEET-0-7-239x300.png 239w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/TWEET-0-7-817x1024.png 817w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/TWEET-0-7-768x963.png 768w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-83790\" src=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Ponzi.png\" alt=\"\" width=\"540\" height=\"336\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Ponzi.png 1208w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Ponzi-300x187.png 300w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Ponzi-1024x637.png 1024w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Ponzi-768x478.png 768w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-83833\" src=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Untitled-59.png\" alt=\"\" width=\"540\" height=\"457\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Untitled-59.png 962w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Untitled-59-300x254.png 300w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2024\/06\/Untitled-59-768x650.png 768w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><\/p>\n<p><span style=\"color: #ff0000;\"><strong>Debit:<\/strong><\/span> Unfortunately, those in charge of the current debt-based monetary system will do their best to retain control &#8211; and the power that comes with it &#8211; for as long as possible; the pain it&#8217;s inflicting notwithstanding. As macro analyst Dr. Daniel Nagase astutely pointed out this week, our society&#8217;s current monetary predicament is no different from how &#8220;<a href=\"https:\/\/danielnagase.substack.com\/p\/power-vs-money\" target=\"_blank\" rel=\"noopener\">a mugger with a gun<\/a> has more power in the moment than an individual with millions of dollars.&#8221; Carrying out his analogy, the good news is that a bullet-proof vest in the form of physical gold is available for your financial protection. At least for now.<\/p>\n<p><strong>By the Numbers<\/strong><\/p>\n<p>The 2024 Social Media Shopping Survey, which measures the impact of social media on our personal finances, was recently released. Here are the key findings:<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>20%<\/strong><\/span><\/span> Percentage of Americans who describe their social media purchases as \u201cscams.\u201d<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>36%<\/strong><\/span><\/span> Share of those who\u00a0say social media makes them feel frustrated about their finances.<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>40%<\/strong><\/span><\/span> Percentage of Americans who try to present a falsely positive financial image on social media than reality.<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>46%<\/strong><\/span><\/span> Share of those who believe social media is bad for their debt.<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>67%<\/strong><\/span><\/span> Percentage of Americans who say social media promotes overspending.<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>75%<\/strong><\/span><\/span> Share of people who admit to making an \u201cunnecessary\u201d purchase through social media.<\/p>\n<p><em>Source: <a href=\"https:\/\/wallethub.com\/blog\/social-media-shopping-survey\/137457\" target=\"_blank\" rel=\"noopener\">Wallet Hub<\/a><\/em><\/p>\n<p><strong>The Question of the Week<\/strong><\/p>\n<p><code>[poll id=\"542\"]<\/code><\/p>\n<p><strong>Last Week&#8217;s Poll Results<\/strong><\/p>\n<p>What are your top three reasons for carrying cash?<\/p>\n<ul>\n<li><strong>Emergencies (19%)<\/strong><\/li>\n<li>Privacy (18%)<\/li>\n<li>Small purchases (17%)<\/li>\n<li>Tipping (16%)<\/li>\n<li>Cash only locations (15%)<\/li>\n<li>Cash discounts (12%)<\/li>\n<li>Financial management (4%)<\/li>\n<\/ul>\n<p>More than 2100 Len Penzo dot Com readers responded to this week&#8217;s poll and it turns out that a plurality of you carry cash mainly for emergencies. At the other end of the spectrum, just 1 in 25 of you use cash as a means to manage your finances. I figured that number would be a little bit higher than it was, but perhaps that figure is a reflection of the financial maturity of the people who read my blog &#8211; if not personal finance blogs in general.<\/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: Tough Times<\/strong><\/p>\n<p>The economy is so bad:<\/p>\n<ul>\n<li>My neighbor got a pre-declined credit card in the mail<\/li>\n<li>A picture is now only worth 200 words<\/li>\n<li>The Treasure Island casino in Las Vegas is now managed by Somali pirates<\/li>\n<li>Wives are having sex with their husbands because they can&#8217;t afford batteries<\/li>\n<li>CEOs are now playing miniature golf<\/li>\n<li>The green-energy industry just laid off 25 Congressmen<\/li>\n<li>A stripper was killed when her audience showered her with rolls of pennies while she danced<\/li>\n<li>If the bank returns your check marked \u201fInsufficient Funds,\u201d you call and ask if they meant you or them<\/li>\n<li>McDonald\u2019s is selling the 1\/4 ouncer<\/li>\n<li>Parents in Beverly Hills fired their nannies and learned their children&#8217;s names<\/li>\n<li>A truckload of Americans was caught sneaking into Mexico<\/li>\n<\/ul>\n<p><em>(h\/t: Hubbard)<\/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\" \/><span style=\"color: #ffffff;\"><strong>.<\/strong><\/span><\/form>\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. 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><span style=\"color: #0000ff;\">(The Best of)<\/span> 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>A few days ago I found this invitation from <strong>Jamie<\/strong> sitting in my inbox:<\/p>\n<blockquote><p><em>I&#8217;m hosting a Google On Air Hangout to discuss buying a car! The event will take place on Saturday, August 313st at 12 p.m.<\/em><\/p><\/blockquote>\n<p><span style=\"color: #0000ff;\">Um &#8230; I think you meant to say &#8220;August 313th&#8221; &#8212; unfortunately, I&#8217;m going to be out of town that day.<br \/>\n<\/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-83786","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: It&#039;s a (Debt) Trap!<\/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\/id83786-black-coffee-29-june-2024.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Black Coffee: It&#039;s a (Debt) Trap!\" \/>\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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