YOUGHAL, IRELAND – We spat on our hands and attacked a barn roof yesterday.

The stone building has been abandoned for at least 100 years. Nobody locally can recall it ever being used. Many didn’t even know it was there.

But the stone walls were largely intact. And since we need a place to put tools and firewood, we decided to rush on a new roof, and worry about the rest of it later.

The first step is to clean the tops of the walls, infested by roots… and even trees… so we can repair them.

We will take off the top layer of stone and relay it in a bed of cement. Then, we will bolt a 4-by-6 wooden plate on top of the wall, upon which we will put up rafters and the rest of the roof ensemble.

Reinforcements are on the way. One of our sons will come today to help. Another will arrive on Saturday.

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An abandoned Irish barn, Bill’s most recent “fixer-upper”

Sans Souci

Meanwhile, the stock market was remarkably sans souci yesterday.

It was not troubled by the fact that the president of the U.S. had been accused of treason by former CIA director.

Per Fox News:

Former CIA Director John Brennan blasted President Trump with a scathing tweet following Monday’s press conference with Vladimir Putin, decrying his comments as “imbecilic.”

Brennan said Trump’s remarks that Putin “was extremely strong and powerful” in his denial of meddling were “nothing short of treasonous.”

Nor was the stock market troubled by the biggest debt default in China. From Bloomberg:

China this month recorded one of its biggest corporate-debt defaults yet, with the downfall of a coal miner that had ridden the country’s wave of credit until policymakers changed the game with their deleveraging campaign.

How the borrower ran up a 72.2 billion yuan ($10.8 billion) tab that he now can’t make good on illustrates why this year will be China’s worst yet for corporate defaults.

Nor was it bothered by the trade war… the IMF’s estimate that it may cost the global economy nearly half a trillion dollars… or by the fact that the biggest loser is likely to be the United States of America. The Guardian reports:

Rising trade tensions between the United States and the rest of the world could cost the global economy $430 billion (£324 billion), with America “especially vulnerable” to an escalating tariff war, the International Monetary Fund has warned.

Losing Ground

There’s also the problem of growing inflation. The latest reading of the Consumer Price Index – 2.9% – means that working-class Americans are now losing ground.

The Washington Post:

The 2.9 percent inflation for the 12-month period ending in June is a sign of a growing economy, but it’s also a painful development for workers, whose tepid wage gains have failed to keep pace with the rising prices.

The cost of food, shelter, and gas have all risen significantly in the past year. Gas skyrocketed more than 24 percent, rent for a primary residence jumped 3.6 percent, and meals at restaurants and cafeterias rose 2.8 percent.

And who cares if we’re headed towards another housing debacle?

CNBC:

The most competitive, tightest housing market in decades may finally be loosening its grip, and that could put pressure on overheated home prices. The supply of homes for sale in the second quarter of 2018, the all-important spring market, rose at three times the rate of the same period in 2017, according to Trulia, a real estate listing and research company.

Mortgage applications to purchase a newly built home plummeted nearly 9 percent in June compared with June 2017, according to the Mortgage Bankers Association. This suggests lower new home sales going forward, despite higher prices.

Deep Staters

Oh, yes… Let’s not forget where we left off yesterday.

The Deep State is in control of U.S. finances. As a win-lose business, it needs to extract wealth from Main Street in order to get wealth for itself.

Alas, the working stiffs do not submit to a tax increase readily. And their economy – burdened by so many bossy-pants regulators and SOB insiders – hardly yields new bounty as readily as in the past.

What can the Deep Staters do?

Borrow!

Over the last 30 years, debt has increased at twice the rate of GDP. And the federal government added $1.2 trillion to its debt in the last 12 months alone, so that the people Eisenhower warned us about – military contractors and their cronies in the Pentagon – would get more money.

The ship is headed down into the cold water and mud, for sure.

Why, then, are stock prices going up?

Does Mr. Market know something we don’t? Or is he making one of his episodic Big Mistakes?

Tune in tomorrow…

Regards,

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Bill

MARKET INSIGHT: 2018’S CRYPTO CONSPIRACY

By Teeka Tiwari, Editor, Palm Beach Confidential

There’s a lot of fear and uncertainty clouding the cryptocurrency space today. But if you tune out the noise, you’ll see this is actually the best time to get involved in this new asset class.

Let me explain…

Every day, we hear in the press how the Securities and Exchange Commission (SEC) is cracking down on cryptocurrencies.

We hear that the Commodity Futures Trading Commission (CFTC) is starting a new investigation.

We hear JPMorgan’s CEO saying he’ll fire any of his employees buying cryptos – then we find out his traders in London are buying with both hands.

We hear central banks floating stories designed to scare and ward off crypto investors.

In February 2018, the Polish central bank even admitted it had hired a firm to spread a “smear campaign” against cryptos. (And do you remember the IMF head, Christine Lagarde, saying central banks need to band together against cryptos?)

Friends, the great crypto conspiracy of 2018 is upon us.

All year long, we’ve been under assault from rumors of central bank collusion against cryptos: threats of bans… endless investigations… and the ceaseless drumbeat of negativity from the traditional press.

And yet – amid this shower of negative news – careful observers will have noticed that institutions are actually running into crypto investments.

Today, I’m seeing banks, regulators, and the press drown the market in negative news. They’re using the same old trick mining entrepreneur George Hearst used to scare speculators during the South Dakota Gold Rush in the 1870s.

Hearst’s agents started to float rumors that the government would seize all land in the town. Prospectors believed the rumors – and sold their mining stakes for pennies to them.

Guess what? It’s working.

Institutions are getting the best prices on cryptos since mid-2017… While the average investor is panic-selling, big investors are buying.

Over the last 90 days, we’ve seen some of the biggest investors in the world flood into cryptos:

  • Wall Street investment bank Goldman Sachs announced that it would launch a crypto trading desk.

  • Susquehanna – the 12th-largest trading firm in the world by volume – announced that it would start trading cryptos, too. The firm even went as far as creating its own custody company to hold its cryptos.

  • Billionaire investor George Soros – one of the world’s greatest moneymakers – gave the green light to his team to buy cryptos.

  • Coinbase – one of the world’s largest crypto exchanges – launched a crypto index fund for wealthy investors and institutions.

  • Financial services company State Street said it’s considering acting as a custodian for bitcoin. State Street has $2.7 trillion under management.

  • Wellington Capital – with over $1 trillion of assets under management – stated its intention to start trading bitcoin.

  • The Rockefeller family’s venture capital firm, Venrock, said it’s also buying cryptos.

Every important lawyer I talk to in the investment space is overwhelmed with crypto questions from his institutional clients. That’s just the latest evidence that institutions are trying to get into this market – not stay out of it.

Friends, make no mistake… We’re in the middle of a massive handover of wealth from individuals to institutions.

I saw this happen after the housing crisis in 2010–2012, when institutions started buying up foreclosures by the thousands… but individual investors couldn’t get a mortgage.

I saw it in 2003 after the dot-com crash, when institutions started buying up internet and technology stocks on the cheap… But on CNBC, they kept telling the public it was too early to buy.

I’ve seen this institutional blueprint for stealing wealth play out again and again.

Don’t be a victim of this strategy. The key is to focus on what institutions are doing… not on what they’re saying.

Across the world, institutional investors are embracing cryptos – not rejecting them.

Don’t be a statistic. Stay strong. Keep your position sizes rational.

We will ride the wave of misinformation through this dark valley of despair and into the bright sunlight of the life-changing future ahead of us.

Let the Game Come to You!

– Teeka Tiwari

P.S. Tonight at 8 p.m. ET, I will tell you the whole truth, and nothing but the truth, about cryptocurrencies… plus how Wall Street and Washington are covering it up.

I’ll broadcast this special event live from media personality Glenn Beck’s Dallas studios. We’re calling it The Great Cryptocurrency Conspiracy of 2018. You can register for this free event right here.

During the live broadcast, I’ll reveal three cryptocurrency recommendations. Plus, you’ll have a chance to claim a share of the $2 million bitcoin giveaway.

You’ll also get an exclusive, free copy of my new special report, The Cryptocurrency Manifesto, just for registering. Don’t wait… Space is filling up fast. So reserve your seat today right here

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They Called It “The Chicago Plan”
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MAILBAG

The president’s remarks from Helsinki are on dear readers’ minds. Is the president a traitor? Or is he just doing what he must?

Donald Trump is a vile, despicable person who can’t seem to tell the truth. Check your dictionary for the synonyms for vile and despicable. He fits them all. How such a person could bamboozle so many Americans to get elected is truly a puzzle. What does it tell us about America? Nothing positive, I’m afraid. Trump is destroying America. SAD!

– Allyne K.

What point would have been made by threatening Putin with retaliatory measures when we ourselves affect elections? Trump did the only the thing he could do. I don’t recall any other presidents condemning the Russians.

– Gary S.

I just saw a questionnaire (post-Helsinki): Is Trump working for me? Out of about 2,500 answers to date, 83% said he was, and only 15% said he wasn’t. His base seems still strong, however misguided. Personally, I think he is working for Donald J. Trump, and the Devil take anyone else. That is what his admirers seem to like. What that will do for – or to – the nation, I fear to ponder.

– Chuck B.

The president knows business and understands the system far more than most of us. Sit back and appreciate his work. No one comes close to what he has, is, and will do to make the world a better place for everyone. Amazing guy!

– Marilyn C.

You are usually pretty sharp, but your opinion of Trump is just plain absurd. Quit talking about the imaginary Deep State, and get rid of the conspiracy B.S. The only real conspiracy is Trump and his idiot minions working with Russia to get him elected. If you do not believe me, just wait until the ironclad evidence and more indictments hit, and soon.

Just like the 12 Russian military officers who recently got caught. Please read the entire set of indictments; the evidence and details are all there. Much better than your outlandish Deep State crap.

Bottom line: Trump is nuts, stupid, and a traitor… period. And the stupid sheep are beginning to catch on. Wake up, Bill! Get in reality!

– Matt P.

If we are going to alienate China, we had better ally with Russia – we don’t want to be the odd man out.

– Vaughan C.

We are a country of idiots! Some of the biggest morons are in our government! Trump is a wise and patriotic president, dealing with complicated leaders of nations who could blow up this planet! Of course, only smart Americans understand that!

– Marie C.

The reason Putin’s clown wants to spend money on defense is that he is a bully, with the temperament of a second-grader, who also happens to be a coward. He needs a lot of protection to feel safe.

– James E.

A president is the utmost, ultimate ambassador. If he thinks Putin is a snake, he dare not say so on the dais of a U.S.-Russia press conference. The question was loaded. “Captain, are you still beating your wife?” Any way you answer that has bad implications. “Do you trust your advisors or Putin?” Same scenario. How do you attempt to open a dialogue with Russia, China, or North Korea by standing next to their leaders and calling them out?

– Jim M.

I just love your latest on Donald Trump today. As usual, you talk eminent sense, unlike all the media and politico crazies who are in such a tizzy that Trump has actually made some sane remarks about U.S.-Russian relations. And let’s not forget the very real likelihood that there are those behind the scenes who, for years, have been trying to isolate and demonize Vladimir Putin and are willing to use all kinds of unscrupulous methods to do so – methods like fake news, media manipulation, false flags, and so on.

I think Trump is a loose cannon, but he is better than the same old, same old silliness of the new Cold War champions. It’s time the old men in Washington grew up and stopped their archaic thinking about the planet and cohabitation.

– Michael B.

Oh, Bill, I am such a fan of yours. But please do not say that you support what Trump did in Helsinki. He might be too dumb to understand what “treason” is, but he supported a killer and dictator over our country. Of course, you, Bill, are not a super patriot. Those who are make me cringe. But defending Russia by saying they are no threat is not the right path. It looks more and more like Russia had the power to give us Trump even though the majority of American citizens did not vote for him, and that is powerful indeed. If a case can be made for treason, or mental instability, or whatever gets rid of Trump, maybe his shameful show in Finland will be our way out.

– Mary K.

Your observations are insightful and appreciated. No one (in the pop media) seems to recall the interference perpetrated in both Russia and Ukraine by U.S. agents during their election seasons. Hypocrisy, anyone? The faux outrage we are witnessing is mind-boggling. What confuses me is the mindless cacophony that is being generated by said media.

– Harry W.

IN CASE YOU MISSED IT…

Is this Trump’s promised infrastructure boom?

The president campaigned on a promise of a massive infrastructure project. Now, leaked White House documents show that Trump has been considering a very unconventional move. It could spark one of the largest infrastructure booms in history… and secure America’s economic dominance for decades. Full story here.

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