Had we but world enough and time…
My vegetable love should grow
Vaster than empires and more slow.
– Andrew Marvell
BALTIMORE – Bloomberg tells us that people are being driven crazy by the election…
Here’s the report:
More than half of you – on both sides of the aisle – say the 2016 election is a major source of stress, according to a new survey from the American Psychological Association.
“Historically, work, money, and the economy are the top three,” said clinical psychologist Lynn Bufka, part of the APA’s Stress in America team that has been conducting surveys of what freaks us out the most for 10 years. “Now it’s [the election] right up there.”
We read the Diary mailbag. We know our Dear Readers are troubled, too.
Half are mad because they think we are soft on Hillary. Half are mad because we are hard on Donald. And the other half expect us to come out of the closet any day with an endorsement of Gary Johnson.
“Big Nurse” Hillary makes us cringe. And “Big Dope” Donald makes us laugh.
Which one would do most harm?
You decide. But could there be any better argument against popular democracy?
God help us if either of them wins the presidential race…
So much attention is being absorbed by the presidential campaign that Martians could land on the White House lawn and no one would notice.
Instead, pollsters would ask how they intend to vote.
Meanwhile, day after day, the clouds thicken and the economic picture darkens. And day after day, no one cares.
Corporate profits are down for the fifth quarter in a row. Profit margins are tightening. China is sinking. Deutsche Bank is wobbling. But U.S. stocks continue bouncing around near the top of their ranges.
Pompous know-it-all Larry Summers has proposed a plan to make sure the sun always shines. Bloomberg:
Former U.S. Treasury Secretary Lawrence Summers floated the idea of continuous purchases of stocks as a potential ingredient in a recipe for the developed world to strengthen economies struggling with subdued growth and inflation.
Among the proposals that deserve “serious reflection” is the purchase of a “wider range of assets on a sustained and continuing basis,” Summers said in a lecture at a Bank of Japan conference in Tokyo Friday. “I’m not prepared to make a policy recommendation at this point,” he told reporters later.
The Financial Times is sunstruck, too. A recent article by Dan McCrum tells us that gold is nothing but “a fashion victim” and a “bag of gold coins buried in the garden offers a sort of nihilist insurance policy.”
Why would a nihilist want an insurance policy… and against what would he be insuring himself?
We don’t know. McCrum doesn’t explain. Instead, he spends a whole column in the “pink paper” entirely missing the point.
Money is one of the great innovations of mankind. And for thousands of years, gold proved very useful as money.
It allowed exchanges between people who didn’t know each other… didn’t speak the same language… didn’t worship the same gods or sup at the same table.
Not only did it allow for the movement of real wealth across frontiers, but it also permitted wealth to move across time.
You could grow wheat one year… sell it for a gold coin… and enjoy the fruits of your labor 20 years later.
Money – mainly, but not only, gold money – made modern economies possible. And now, real money – gold – may be the only way to protect yourself from Summers, Yellen, Clinton, Trump, et al.
But we only bring it up as a way of sashaying smoothly back into politics…
You already know what perverted the economy: fake money.
It was as though someone had doctored the world’s measuring tapes, tampered with its clocks, reversed the street signs, and inverted the seasons.
The information we were supposed to get from prices – carried by money – was all wrong. Errors increased. Miscalculations proliferated. Accidents happened.
And now… what is the 2016 election if not a giant pileup of perversion, error, miscalculation, and accident?
What is the cause?
No one knows for sure. But we have a prime suspect: the same fake money that perverted and corrupted the economy.
Conservatism is fundamentally the recognition that there are limits – to time, resources, skills, and good judgment.
We don’t have an infinite amount of world or time. And we used to depend on real conservatives to help us avoid wasting precious time and money on phony wars, crony projects, or claptrap programs.
But take away the limits, and conservatism no longer makes sense.
Why make the tough choice between a War on Poverty at home or a War in the Middle East if you don’t need to?
Why balance the budget if you can borrow as much as you want… and interest rates still go down?
Why take the punch bowl of monetary stimulus away if the party can go on forever?
“Deficits don’t matter,” claimed new “conservative” Dick Cheney.
With no gold to check the growth of credit, debt ran wild. With no old-time, foot-dragging, tradition-hugging, moss-backed conservatives to hold it back, the government went wild. With no limits on what they could get away with, the cronies went wild, too. And with no real conservative left to challenge Hillary Clinton’s Deep State fantasies, the election of 2016 turned into a grotesque farce.
By Jeff Brown, Editor, Exponential Tech Investor
The asteroid mining business has gotten very interesting…
That’s because Washington just provided a major boost for two revolutionary companies I’m passionate about.
The two companies, Planetary Resources and Deep Space Industries, are building the technology and infrastructure to mine metals and water from asteroids.
Thanks to the newly passed U.S. Commercial Space Launch Competitiveness Act of 2015, they now get to keep what they mine.
Before we get there, though, billions of dollars of investment are needed. That’s why the new act is so important.
Before its passage, it was not clear that companies would own the materials they mined. But now that that’s cleared up, the payoff could be unimaginable.
Consider this: A single 500-meter asteroid can contain more platinum-group metals than have ever been mined in human history.
Imagine one “space rock” being worth more than $1 trillion. Now you see why there is so much interest in building this new industry.
Asteroid mining will become a multitrillion-dollar industry… and many billionaires will be made as a result.
Artist rendering of Deep Space Industries’ mining operation
Recent discoveries from unmanned space exploration in our solar system have stimulated new interest in manned missions to the moon, Mars, and beyond.
One of the biggest obstacles to manned space travel is water. It is heavy. So it is extremely expensive to transport from Earth into orbit.
Water is necessary for human life. But it can also be processed into hydrogen for rocket fuel.
“C-type” asteroids are rich in water and will be targeted for mining water. This will dramatically lower the cost of putting spaceships into Earth’s orbit.
Due to the massive amounts of capital needed to build the kind of equipment needed to mine in space, these fledgling companies will almost certainly access the public markets via stock offerings to raise capital.
Not only will this create incredible investment opportunities for tech investors, but it will also allow us all take part in the future of space exploration.
Editor, Exponential Tech Investor
P.S. I just put together an in-depth online presentation about another technological breakthrough. To learn more – and find out how you can invest in this world-changing technology before it takes off – watch here now.
The Real “Terrorists” Are in Washington
The greatest threat is lurking right here at home, strolling the halls of the Capitol Building or ambling down Wall Street… It’s known as the Deep State.
The Really Big Tech Breakthroughs Are Still Ahead
A lot of folks say that the pace of technological progress is slowing… and that the inventions of tomorrow won’t be as world-changing as those of yesteryear. Here’s why they’re wrong…
A Recession Is Coming… Hide in Gold
Raoul Pal, a Goldman Sachs fund manager who predicted the 2008 crisis, says the U.S. will be in recession in 12 months. And that the best way to protect yourself is to hide in gold.
Yesterday’s Diary about the death of American conservatism caused quite a stir among readers. Some of whom are cancelling their subscriptions over it…
Just cancelled your subscription. I couldn’t take your blasphemous Trump trash talking and decided to shut you off for good. Second time in two reads – not acceptable. You’re fired!
– Nick G.
I am now tired of your smug anti-Trump messages. You sound too much like the corrupt Clinton support team. Please stop my [Bill Bonner Letter] newsletter now and forward any refund to the Trump campaign.
– Bob N.
You and your like have been exposed! You simply hope to keep drinking at the trough of corruption. You are petrified that your insider games will come to an end, and I for one have lost respect for you.
We have to have faith, believe in something that might help put this once great nation back on track. Both parties have failed miserably. At least Mr. Trump has a great track record of accomplishment. Hillary has a track record of deceit, destruction, dishonesty, and using every public office they have ever held to enrich themselves at our expense!
You continue to be a shill for all those criminals. And I predict it will not help your reputation! We will elect Trump before you people destroy our freedom!
– Greg D.
Puh-leeze stop dissing ol’ Donald. He may be a cad when it comes to women. But I’m a feminist, and I’m telling you, HRC is a demon in a pantsuit.
– Marilyn G.
Please save your misguided article until after the election. Then reprint it to show how wrong you were.
– Brendan B.
But not everyone was outraged…
Amen and Amen to your article on what happened to conservatism.
– Michael M.
This is such a good recapitulation of political history that I itch to share it with some friends.
– Emily S.
I’ve always felt that Bill Bonner speaks a little too libertarian for me. But I agree wholeheartedly with this statement about RIP conservative America.
I am a whisker away from totally giving up on my country.
– Ray M.
You have circled the subject long enough to find the essential question: What is a conservative?
I listen to Trump and read the comments of his supporters. Nowhere do I find a clue about what makes a conservative. I only learn that a liberal is evil. That electing Clinton will be the end of the U.S. That the U.S. needs to be made great again.
When Clinton tries to tell us what she will do she is greeted with insults and lies. If I try to apply the religious definition, I find that Trump fails even the most charitable description. If I apply the economic definition, I find that he and his supporters have no interest in challenging the Deep State, as you note.
So, it seems the conservative is anyone who hates what the Democrats have done or will do… fears anyone who is not white… likes to brag about how they assault women… and is angry because they are getting poorer.
They also believe in magic… because how else can Trump or anyone make America great again?
– Edmund S.
Currency expert Jim Rickards is absolutely convinced that the U.S. dollar will begin to crash before the end of the month. And that it will send gold prices soaring. Before touching gold, Jim says you should read The New Case for Gold. In it, he shares his top gold advice, including why storing it at home could be a huge mistake. Go here to learn how you can get your free copy of The New Case for Gold.