Jim’s Mailbox

Posted at 3:31 PM (CST) by & filed under Jim's Mailbox.

Jim,

You brought this up on Saturday.

Dave

Woman Arrested For Assaulting Man Wearing MAGA Hat On Cape Cod
February 22, 2019

FALMOUTH, Mass. – A woman on Cape Cod is facing charges for assaulting a man wearing a “Make America Great Again” hat.

Rosiane Santos, 41, of Falmouth was charged with disorderly conduct and assault and battery.

Santos told police she was upset the man was wearing the hat in a Mexican restaurant.

The man wearing the hat, 23-year-old Bryton Turner of Mashpee, was so annoyed with the woman’s antics that he pulled out his phone and started recording her.

The incident occurred last Friday at the “Casa Vallarta” Mexican restaurant in Falmouth.

Turner says he was minding his own business, when Santos started yelling at him because of his hat, which bears the theme that President Donald Trump campaigned on.

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Jim,

Standing on a mountain of gold and not mining/selling too soon is looking brilliant.

Dave

The Return To A Gold Exchange Standard
February 21, 2019

This article makes the obvious point that a return to a gold standard is the only way nations can contain the interest cost of servicing debt, given the alternative is inflationist policies that can only lead to far higher interest rates and currency destruction. The topic is timely, given the self-harm of American economic and geopolitical policies, which are already leading America into a cyclical slump. Meanwhile, American fears of Asian domination of global economic, monetary and political outcomes have come true. The upcoming credit crisis is likely to kill off the welfare state model in the West by destroying their unbacked paper currencies, while China, Russia and their Asian allies have the means to prosper.

The fragility of state finances

In my last Goldmoney article I explained why the monetary policies of inflationist economists and policy makers would end up destroying fiat currencies. The destruction will come from ordinary people, who are forced by law to use the state’s money for settling their day-to-day transactions. Ordinary people, each one a trinity of production, consumption and saving, will eventually wake up to the fraud of monetary inflation and discard their government’s medium of exchange as intrinsically worthless.

They always have, eventually. This has been proved by experience and should be uncontroversial. For the issuer of a currency, the risk of this happening heightens when credit markets become destabilised and confidence in the full faith and credit, which is the only backing a fiat currency has, begins to be questioned either by its users or foreigners or both. And when it does, a currency starts to rapidly lose purchasing power and the whole interest rate structure moves higher.

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Jim,

This is what happens to a society when there is no hope left for a better life. Remember the stories about Russian citizens drinking vodka as the USSR went bankrupt?

Dave

American Opioids Deaths Have Quadrupled In 18 Years
February 23, 2019

The opioid crisis is the most significant public health issue affecting the US at the moment. Opioid-related deaths across the country have risen more than 4-fold in 18 years, from 2.9 per 100,000 people in 1999 to 13.2 per 100,000 people in 2016, according to a new report.

More than 351,000 Americans have died of opioids between 1999 and 2016, according to the report published Friday by Mathew Kiang, ScD, Center for Population Health Sciences, Stanford University School of Medicine, and other researchers from the University of Toronto.

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Jim,

Debt is growing and growing…until it pops!

Dave

Global Sovereign Debt To Peak At $50,000,000,000,000 This Year
February 24, 2019

Ratings agency S&P Global said governments are continuing to run up huge debt levels and will borrow an equivalent of $7.78 trillion this year, which would be up 3.2 percent on 2018.

That will come as another jump in borrowing to take the global mountain of sovereign debt to $50 trillion in 2019.

“Some 70 percent, or $5.5 trillion, of sovereigns’ gross borrowing will be to refinance maturing long-term debt, resulting in an estimated net borrowing requirement of about $2.3 trillion, or 2.6 percent of the GDP of rated sovereigns,” S&P Global Ratings credit analyst Karen Vartapetov was quoted as saying by Reuters.

The rise in the total debt stock to $50 trillion would be a six percent rise on last year having been partly exacerbated by exchange rate swings.

Another international ratings agency, Fitch, said last month that debt in developed countries has remained fairly steady, around $50 trillion, since 2012.

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Bill,

It will be interesting to see if this goes any where.

Dave

Federal Judge Just Ruled that Prosecutors Under Trump’s Sec Labor, Broke Law in Jeffrey Epstein Case
February 23, 2019

Miami, FL — On Thursday, a federal judge made a bombshell ruling which stated that the prosecutors who worked under former Miami U.S. Attorney Alex Acosta—now Trump’s Labor Secretary—broke the law when handling the case of billionaire pedophile Jeffrey Epstein.

According to the ruling, the prosecutors acted illegally when they concealed a plea agreement from more than 30 underage victims who had been sexually abused by the New York hedge fund manager.

“The government aligned themselves with Epstein, working against his victims, for 11 years,’’ Brad Edwards, who represents Courtney Wild — Jane Doe No. 1 in the case — said. “Yes, this is a huge victory, but to make his victims suffer for 11 years, this should not have happened. Instead of admitting what they did, and doing the right thing, they spent 11 years fighting these girls.’’

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