Trump Cancels In-Person Republican Convention in Florida

From NBC News:

WASHINGTON — President Donald Trump said he will no longer hold a large, in-person Republican convention in Jacksonville, Florida, because of the coronavirus but will hold virtual events and still give an acceptance speech.

“I told my team it’s time to cancel the Jacksonville, Florida, component of the G.O.P. Convention. We will be starting in North Carolina for the Monday, as has always been planned, we were never taking that off,” Trump said at a press conference at the White House Thursday afternoon.

Trump said that it was “not the right time” for a big convention, adding that he had “to protect the American people.”

He continues:

“I could see the media saying, ‘Oh this is very unsafe,'” Trump said. “I don’t want to be in that position.”

Trump said that he would be making an announcement in the coming days about what the new convention plans will look like, saying that it would be in a “different form” rather than the large arena event he had hoped for.

“We’ll announce what we’re doing, how we’re doing it, whether it’s something that’s done online,” Trump said, lamenting that “there could be nothing like our last convention, unfortunately.”

Seems to me like Trump has given up.

Notes From Michael Pento

Summary:

  • “The U.S. budget deficit…will be at least $4 trillion in total, which is $2.6 trillion more than the peak suffered under the Great Recession.”
  • 32 million people collecting unemployment insurance as of June 27th”
  • “Of course, our central bank has destroyed capitalism by ensuring the businesses that still make typewriters and white-out can continue to borrow money. This means a tidal wave of bankruptcies has been put temporarily on ice, but the size of the insolvency storm is rapidly intensifying. Indeed, 1 out of every 5 U.S. companies are now considered Zombies. Meaning, they don’t make enough profits to cover the interest expense on existing debt.
  • Q2 earnings season has kicked off this week, and S&P profits are expected to plunge by 44%.
  • AAPL, AMZN, and MSFT have a market cap that is equal to nearly 25% of the entire GDP of the United States
  • 32% of U.S. Households did not make a full mortgage payment in July, according to a survey done by Apartment List.

The Dollar is Cratering

The dollar is at 95.12 today, down .73%. I usually wouldn’t comment on this but if it goes below the March low of 94.61 this is going to get ugly quickly. Inflation is already surging for everything – houses, cars, boats, RV’s, even used guitars – see my recent article here. But what will really blow the lid off of prices is one, decreased supply since factories have been shut down and two, because everything is manufactured overseas the products we do get will cost more due to the falling value of the dollar.

I somewhat expected a period of deflation where many went broke and assets were sold at a discount. But it looks like we’re going straight into hyperinflation. The tell will be if you begin to see stories about wages ripping higher, as this was a foundational change during the hyperinflation of Weimar Germany.

Things are changing fast.

Market Update – Prices Rising Everywhere

The trend is clear – prices rising rapidly for everything. How long it lasts will be a function of how fast the Federal Reserve wants to drive American civilization into the earth. Right now, warp speed is moving too slow for them.

An apt analogy would be like jumping off a cliff, and rather than being happy with hitting the ground at terminal velocity, you carefully aim a rocket at earth, and then strap it to your back. It is the literal impoverishment of the American people and their nation, in real time. But hey, look on the bright side – your old boat’s gonna be worth more fiat in a few months.

Boat Market:
A boat dealer here in town always has 200+ boats on the lot. Big, shiny, expensive, brand new boats. I drove past the other day and noticed many of the boat racks were empty, which I’ve never seen before. I called the dealer and asked about sales. He said it was a banner year and that they were running low on inventory.

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Quotes from Men who Stood on the Moon

Freeman’s Perspective has an article here with these interesting quotes from men who have walked on the moon:

It was to me like I was just sitting on a rocking chair on a Friday evening, looking back home, sitting on God’s front porch, looking back at the Earth; looking back home. It was really that simple, but it was an overpowering experience.
Gene Cernan, Apollo 17

Read more

This isn’t Moral Hazard, it’s War

“Let us not talk falsely now, the hour is getting late.”

I keep seeing the idea that what the Fed is doing is creating ‘moral hazard’. But what they’re doing is not moral hazard – it is a war crime. They’re not helping Americans in any way, and are instead actively destroying them and their American civilization. At some point people have to understand fully what is being done to them and their society. The people around them, the people they love, those who will come after them are being systematically destroyed and the best people can muster is a softly spoken, “moral hazard.”

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Digital Currency is Complete Destruction

A digital currency is cat nip to central planners. They can’t resist this temptation.

The future holds even less power for individuals and more power for the government, and the ability to gain more power over the people through the use of a digital currency is almost unlimited. Certainly the plans have been made, the system in place, now they wait for the opportunity.

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Mencken on Epidemics

Typhoid raged all summer, smallpox all winter, malaria at all times of the year.

I haven’t written about the affects of Covid mainly because government, once it has all the power, can do anything it wants. It is almost of no interest, as the lock downs are but one in a string of heinous things the government has done and will continue to do, until mankind comes to understand that the individual is worth something. Power in the hands of the state destroys people’s lives and the Covid lock down is a wonderful example of this.

Continue reading “Mencken on Epidemics”