Let’s have some fun… I grew up in the Johnny Carson era, and saw lots of funny episodes and comedians over the years.
One of my favorite things was when he’d say something like “She is so fat…” and the audience would scream out “how fat is she?”
The Millennial or Gen-Z crowd may hear that setup from other comedians today, but Johnny Carson’s show was the father of it.
The larger the country, the less the likelihood of getting a leader who can be trusted with the job. On the surface of it, this would seem to be an illogical claim. Surely the size of a country has no bearing upon whether its leadership is competent or trustworthy and yet, it’s very much the case. This is due to a combination of conditions that can be found in every country.
If left to their own devices, people will tend to come up with a society in which residents treat each other with equanimity and respect each other’s property. They’ll tend to help their neighbours, yet will otherwise respect each other’s privacy. This is not just happenstance. It occurs for a reason. It’s the most effective way to ensure that peaceful coexistence and mutual benefit are maximized over the long haul. So why then, do so many societies seem to begin this way, but eventually devolve into just the opposite? The answer is that they grow to a size in which leaders are no longer equal members of the community, but are in a position above the rest. And at that point, their self-interest is no longer the same as the self-interest of those they govern.
And by most measures, he has been wildly successful. Tesla orders hit a record 97,000 vehicles globally in the third quarter (not to mention 250,000 preorders for the new CyberTruck). The stock has more than doubled since May 1. And you might recall Mike Maloney is a big fan of Tesla cars. But there’s something you may not know about Elon Musk. He won't admit it publicly. Neither will most “green” company CEOs. But it’s a reality for all of them. They desperately need silver.
A decade or more ago, I began to discuss with associates the possibility of governments and banks colluding to eliminate physical cash. Back then, the idea struck most everyone as poppycock, that governments could never get away with it.
Silver mines aren’t pulling the same amount of metal out of the ground as they used to, which means less and less silver is coming to market. Why is less silver coming out of the ground? There are a number of reasons, but there’s one in particular that has sidestepped the notice of most investors, and it may surprise you to find out just how bad the situation has gotten. Let’s look at that reason and what it means for you...
In 1260, Kublai Khan created the first unified fiat currency. The jiaochao was made from the inner layer of bark of the mulberry tree. It’s of interest that the mulberry tree was quite common in Mongolia. What allowed Kublai Khan to get away with treating tree bark as currency was that each bill was cut to size and signed by a variety of officials. They affixed their seals to each bill. To further ensure authenticity, forgery of the chao was made punishable by death.
Of course, the business of governance is far more important than a friendly poker game between friends. All the more reason why, when political leaders are making their assessments as to the national future, they should make sure they have a winning hand, prior to betting heavily. Every day, we’re reminded that the Asian powerhouse is moving ahead at a pace that’s unheard of in the West. It’s almost as though the clocks stopped in the West ten years ago, but Asia kept on advancing in every way.
In the days of yore, there were kings. Everybody could agree to hate the king because he was rich and well-fed, when most of his minions were not. Then, a more effective system was invented – democracy. Its originators had in mind a system whereby the populace could choose their leader from amongst themselves – thereby gaining a leader who understood them and represented them. In short order, those amongst the populace who wished to rule found a way to game the new system in a way that would allow them to, in effect, be kings, but to do so from behind the scenes, whilst retaining the illusion of democracy.
I was stupefied at what I was reading… A Bloomberg article earlier this month reported that JP Morgan and Citibank were significantly reducing their gold positions or closing them out entirely. Based on the article, it seems they made this decision based on the flimsiest of changes in the market: