Ha, ha. Thanks for the humorous comment coming from amongst "dear readers" that your musings are "too negative". The more realistic perspective is that you are being far too placid in viewing a future financial and social catastrophe that will be of truly Biblical proportions. I doubt that even Ezekiel has depicted it in its true horror and destructiveness. Keep "telling is like it is". There are two ways to be fooled: One is to believe what isn’t true; the other is to refuse to believe what is true.

Soren Kierkegaard

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Mar 10Liked by Joel Bowman

Biden’s proposal to soak the rich is just another variation on a theme that has been excoriated since at least Aristotle’s discussion in his “Politics.” Here’s a more recent targeting of it from Paul Rahe’s book “Soft Despotism, Democracy’s Drift” (2009):

“In Jacksonian America, as Tocqueville noticed [in the two volumes of his magisterial ‘Democracy in America’], wealth was regarded as suspect, and the wealthy were virtually banned from the political arena (I.ii.2, pp. 139–40). If their property was nonetheless safe, it was because impecunious Americans hoped to become prosperous someday themselves (II.iii.21, p. 214). If, however, as Roosevelt insisted, it really is the task of the government to ‘assure’ its citizens ‘equality in the pursuit of happiness,’ property cannot be sacrosanct. If the government is to give, first it must take. For one’s talent, diligence, discipline, parsimony, and prudence, if one possesses these attributes, one must be made to pay; and for one’s incompetence, laziness, self-indulgence, extravagance, and folly, if one exhibits these defects, one is entitled to receive compensation. In this fashion, that which in the past would have been called theft came, in the United States, to be denominated social justice. Persons, we are now frequently told, have rights; property has none. But, of course, the attack on property rights is, in fact, an attack on persons who happen to be property-holders, and it is an assault as well on the industriousness and the ingenuity that enabled them to acquire. We have forgotten what James Madison so clearly understood—that it is from ‘the diversity in the faculties of men’ that ‘the rights of property originate,’ and that ‘the protection of these faculties is the first object of Government’—and with the growth in what are euphemistically called ‘transfer payments,’ our democracy has step by step become a giant kleptocracy.”

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Mar 10Liked by Joel Bowman

Joel, excellent point about the government pilfering all the billionaire's wealth. Its a fly on an elephant's ass. This level of government spending is not remotely sustainable. The government thinks the rest of the world will continue to pick up the tab. Why; because they always have :-) Add to this, the mountain of new regulations and you have the perfect storm. Bill's not nearly negative enough. These are unprecedented times for the U.S. and for that matter, the world. Those who've retained their deductive reasoning abilities know how this story will end.

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I would like to throw my hat into the ring on what I think about BPR. First, I have been reading three out of the four all of you for some time, I'm Bill's vintage. Second, you eliminated most of the the things I disliked about the financial news letter business when you started BPR. Third, all four of you "walk the walk", as they say on the street. You have adjusted your lives to correspond with your espoused beliefs. Lastly, you all complement each other. Bill is Macro, with a flare developed over years for writing, that I enjoy very much. Dan is Micro, with charts and proof of concept sort of writing, that I also enjoy. I really do believe he reads the stuff I wouldn't touch with a ten foot pole and I'm glad he does. Tom gives "the common man" a way to get through the mess. What I like about Tom's writing is that he is always looking at the possibility of being wrong and addressing that outcome. Joel is a definite wordsmith that tantalizes the free readers with just enough from the paid services to be labeled marketing, but in my view, a good way. Together, you all make for a terrific service, that is worth more money. Don't get a big head, I'm glad I got in early and please, please stay consistent. I think we all like that you give us a small view of your personal lives and helps us relate.

Jim Cosby

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Bill...it only appears that you write negatively cos you’re a realist like myself. !! My family constantly say I’m too negative even though I try very hard to positively wade my way through today’s stuff. Why? Cos I’ve lived a very long time seen it all, got the T-shirt, Accept reality but still try to love because the conclusion of the matter is we have a choice. I believe love never fails in the end and there IS a sure hope for the future. But that’s another story. However, the negativity in me that my family complain of comes from one thing. That is how lots of people fail to see that no matter how rich we are materially, if we are morally and spiritually bankrupt , then , first our families , then the wider society of “families” collapses. You built your house on a foundation of sand not rock. ? Fine for a while. Looks no different from above. Comes the storm. The house blows down no matter how grand it appears. All Empires rise and fall in this way. Wrong foundation...

Ah, but morality is relative ...so saith one of my dear grandsons in a recent interesting conversation. He asks : So In what way have morals declined ..? If so, does it really matter ...? ..we must adapt..the world moves on...survival of the fittest etc. I hear you O wise one. Reminds me of when I was in Papua, New Guinea, I met a former cannibal...we had an interesting chat. So, what do you want me to say dearest child ? How we view our neighbor and therefore how we treat our neighbor is vital for long-term survival ? Ask my friend the former cannibal. Dear grandson scoffs. Don’t be silly gramps, forget the cannibals, after all, our (?) world’s now improved vastly...look at us. I’m a lot better off than you were at my age, gramps” (meaning they have a washing-machine, a fridge freezer , a car and a dishwasher...of course, he hasn’t yet been told by the powers -that-be that actually , it might be morally ok to eat his children if that’s what he firmly believes ...who says it’s wrong anyway...?). Anyway, we continue our loving conversation (he’d brought me some flowers ..I’ve been in hospital). We agreed cannibalism isn’t desirable , at least in Western society, but Gramps has a small query : “ But didn’t you say earlier, dearest child, that if things got really bad here...(i.e. starvation ?) ..ok..you won’t eat your children but you wouldn’t hesitate to steal the potatoes from your neighbor’s large garden in order to feed your family? “(Presuming the neighbor for some unidentified reason hadn’t offered to share his spuds....After all, he lives alone and always grows too many spuds and they do get wasted every year etc ) “Survival of the fittest” laughs dear grandson. “You old ones don’t realise it’s a different world than when you were young “.

Ah Yes, good old theories of evolution. Before those teachings entered mainstream schooling here in Uk a semblance of love of God and neighbour was taught to us children, So, During WW2 our doors were left unlocked as we went to redeem our coupons for the set amount of goods we were allowed (Island nation...not many goodies arriving over the Channel...had to use every tiny bit of land to grow things...make a dress from spare curtains...make-do-and-mend, dear) and upon our return home...no one had entered and stolen anything and we were promptly told to share our meagre sugar ration with our neighbor over the road, who had a very large family..my mum just had three of us kids...and then we carried on planting and growing as mum instructed ...(our fathers were away for five years fighting tyranny in far off lands of course...it was so their families in UK could be free of tyrrany ...ok? ..don’t know what dear Uncle Moz who died in the war would now say about all that?? ,Wait, before you leave , dear grandson, may Gramps send you on your way with a bit more misery...Only cos you mentioned it’s going to snow today and will I be ok? Thankyou for caring. I’m sure I’ll be fine. You see,I survived Winter snow too as well as the bombs dropping. Some drifts were five foot high, blocking the doorway...we just dug our way through to the shop...why ? Once the food had gone off the shelves...didn’t matter how many coupons you had...Try again tomorrow. Then, of course, us kids had to wade through the snow with our buckets to collect some coal from the local tips ..cheap shale, was spare for anyone , to keep the home fires burning. (But mum, my feet are cold...”. Stern stare : “ do you want to eat a warm stew today, or not? “. There was no heating other than the fire....No cooking facilities other than the fire...” but he was already making his way hastily to the door of course.

Dear grandson, had the last word (as usual) ...”but you were only four years old ...collecting coal ? ..digging and planting ? ...no socks ? ...parents were so cruel in those days...wouldn’t be allowed nowadays. I mean why didn’t they just take the necessary coal from the greedy rich neighbors who were storing more than they needed in their cellars? Simple. It’s called Equality, gramps. “.

Off he went , not a care in his safe little world, reassuring his young one “ yes, I know you need an upgrade on your phone like all rest of kids at school ...I’ll try to get you the latest model next week...when I get paid...”

I love him. But, let’s be positive now Bill...you live there...I live here...we wouldn’t be able to communicate like this would we if the world hadn’t improved ? So everything’s fine ...Keep writing what you want , don’t change For what it’s worth , I , for one, will keep reading your take on what’s happening , especially in the world of finance which I don’t know much about. Very interesting.

ps. I still have a little stash of writing paper, envelopes and a few pens though if you care to send your address. ...not that the satellites will ever be sabotaged of course...

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I missed the survey. I have to wonder about the respondents who think you are "too negative". If catastrophe is about to befall you (us) and someone knew it was coming would you not want to know? "Don't tell me bad stuff, it harshes my mellow." I kinda wanna know. I will even pay people to tell me stuff I think I need to know but don't and can't know with my limited mental, time and financial resources. One of my hobbies of late is studying and thinking about cognitive error which are errors of thinking or perception and one of my faves is the normalcy bias which is the tendency to believe thinks will always be the way they always have been. This is magical thinking and magical thinking is something I am very good at, having much practice in it over the years. Alas, it does not work very well. Hence I pay people to help me stay aware. Keep it up. Regards. Suwannee Tim

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Being too negative means you will be right - at some point. There is a lot to be negative about, and much improvement to be made. Aside from looking out for one's personal financial and safety interests, it would be enlightening to see some suggestions for how we might all unify for some greater good - a great comeuppance of the ruling elites. I struggle to see how we ever collectively rise above the demagogue plans for our eternal serfdom - through CBDC, Wokeism, currency devaluation, war, pestilence, etc.

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That opening was monumental! I had to read it to my wife. I can’t disagree with it,although, like most, I can’t comprehend it. I had a farm, 45 years ago. I am quite unprepared and there is not much I can do about it. I have read “The Knowledge” by Lewis Dartnel and I keep wanting to experiment with hydroponics and hoard classic seeds. But, alas, I procrastinate. I do live near a swamp and there are pigs and I have an app that identifies edible plants. Next, I have to get a bow and arrow.

Ultimately, I do believe, it will get better, at least, for me, in the short time, since I’m 81.

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Thank you BPR for standing tall and sharing much needed insight. There are too many individuals in the media who sugar coat and/or sidestep the issues that we're facing. Someone once said that the first step towards correcting a problem is acknowledging you have one. This is what BPR does so well. Thank you for activating our thought processes. Keep up the good work!

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Mar 11·edited Mar 11

Yes. BPR is too negative.

You have told us all, that printing money, when it is backed by ether, is not a good thing. As it tends to devalue the original money that was (supposedly) printed honestly. Do we want to hear that? No. We like free money (stimmies, welfare, medicare, handouts, etc). So we can buy more things that we don't need, with money that we didn't necessarily earn.

You have told us that gold, is much better than paper currency, as it never loses its value. Do we want to hear that? Gosh no! We want to continue using paper currency, cuz gold weighs far too much to carry to the mall. And besides. McDonald's doesn't take gold bullion in return for a Big Mac. Give me my Amex points!

You have told us that we should be paid fair wages, for our services. Whatever they may be. Do we want to hear that? Heaven forbid! We would rather day trade and make $$ out of thin air. Just like our heroes over at Capital Hill do seemingly everyday!

You have told us that our houses are NOT investments. They are merely things we buy, to keep us safe from the elements, and a place to house all the toys we bought using those stimmie checks. Do we want to hear that? No for Pete's sake! We are running out of money, but we still have some equity in our homes, so here comes that 3rd mortgage to squeeze out some more "real" earnings. So, we can fill every room in our house with Smart TVs, coming from a land where they actually make things. We'll eventually pay it all back. In 30 years, on a variable rate mortgage.

You've told us that the Fed doesn't know its ass from a hole in the ground. Are we going to put up with that sort of talk? Unlikely! We know that the Fed knows the difference between a sinkhole, a money pit, its own ass, a pile of poo and a black hole. We just hope it funds the right government agency (one of over 1900 convenient ones its created over the past 250 years) to get the right definition in front of it, before it steps into the wrong one.

You've told us that the US Government should stop meddling in everyone's affairs. To stop funding over 190 US military installations the world over, and maybe just defend it's own borders instead. What poppycock! We all know that the best defense is a great offense. Where better to fight wars? In our own backyard once every 3 or 400 years? Or a daily war in someone else's country? What gibberish!

So yes. We tire of your negativity.

Now if only the US government, would stop giving you reason to do so.

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IMO, Bonner, Dyson, et al. provide wonderfully astute insights. To my knowledge they are the best financial analysts alive.

My only quibble, and it is minor, is that Bonner, like all honest men, has not grasped the full depth of moral squalor of our leaders. He (and I) had expected that our leaders would have at least minimal integrity, and enough respect for the next generation to face reality instead of, starting in the Eisenhower era, repeatedly increasing the height of the debt cliff from which we must all eventually fall.

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No other business can be plunged into bankruptcy overnight simply because its customers decide to repossess their own property. No other business creates fictitious new money, which will evaporate when truly gauged.

Murray Rothbard

Fractional reserve banking is the problem Banks are inherently bankrupt. They create money through providing (credit) loans using your deposits as security betting on the unlikelihood of every client simultaneously wanting a full withdrawal.

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The unpopular solution to this entire mess; Cancel the Federal Reserve and all the debt we own this private banking cartel. Fire most of Congress, replacing them with citizens that are happy to coin and regulate money and work with in the confines of the US Constitution. Additionally no lawyer should be allowed a seat in the part of government that is involved in passing laws or regulating the banking system. Our standing army should be dismantled handing all over to well regulated militias in each State. History has proved it's impossible to occupy another Nation that is armed to the teeth and has something to fight for. No one should be granted the right to vote if they do not own property or a business. Creating Fiat money should be again be a Federal offense with the prescribed death penalty.

Higher education should be reserved for students seeking higher education along with teachers who are well versed in the subject.

Public education should be abolished after grade 8. By then a student should know how reading, writing and arithmetic along with have the ability to think rationally, and that is more than most graduating college have mastered.

Additionally, all generational wealth should be returned to the treasury. It does a Nation harm when a few own no longer have need to do anything but come up with bad ideas with the money to fund bad ideas. I have a customer in Philadelphia the family has had no need of a job in 7 generations. As expected some members of the family who chose to create something of value make better company than the siblings who choose to laze about reading Kafka and supporting counterproductive causes. However the counterproductive members are more entertaining, if not for use as an example of how not to live.

Bill might seem negative, but honestly he's providing wisdom which compared to what the world has come to believe seems quite negative. Bill is in fact a man close to my heart. How many men in his position would try to make something of the ranch in Argentina, or take a hand in restoring a tumble down house and farm in Ireland, or build a Gypsy wagon?

America was exceptional because until a few generations ago most in the USA were made from the same sort of mold, cut from the same sort of cloth if you will. Today these sort of people are the rare bird and as such not understood or appreciated by most. I rather enjoy reading Bill's missives and wonder how the man has a positive word to say about anything going on today.

I write this as I'm in the planning stage of building a club house / fort of sorts for my grandchildren. It will be built out of wood salvaged from a remodel of a house built in 1890, with the addition of some 18 inch drain pipe salvaged from a buried storm sewer project. I hope it will be memory for the grand kids, something quite different to one of those store bought swing sets with plastic sliding board they use in every playground. I built a playhouse for my daughter resembling a painted lady of a Victorian house, and my son a fort with a secret door accessible only with knowing the location of a secret button.

It was great fun for all, when in the teen years my daughter chose to sell her playhouse for $300. It was quite the show watching the buyer move the 800 pound house to a trailer. My son decided to partially burn his down after hauling off some of the wood for some purpose unknown. The only time I have anything positive to say is in watching what they've both become, and the choices they've made in life.

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Bill, nice to see that you can also 'listen' and 'gauge' reader sentiment .. I think your style over the last 30 years has definitely changed ..BUT so has the economy that you are paid to comment on !

That is always a dangerous task since humans seem to have a penchant for seeing the glass/event either half full or empty. Often the perspective of any two-sided argument has many angles and you have often picked UN-expected 'angels' that have been overlooked by most other analyst or commentators. Which is why I subscribed to you these past 40 years! well done on your word selection today as the form/shape/tone of 'written word' communication is a dying art form as you well know. But thankfully you've managed to attract three (3) other guys/blokes who's diverse perspective is often a perfect counter balance to whatever alternatives you're offering .. although often these days you (like all of us subscribers) have difficulty in offering any other (positive?) angles/views .. so the blowback from the 'Stack' often tires to offer these alternatives in their commentary but never with the self control/intelligence and linguistic skills of your commentators.

I'm delighted that you have found people like Dan Tom and Joel who so very perfectly compliment your exceptional artistic word-smithing skills that makes for the BEST most valuable and affordable financial and social commentary on this wide world of noise and confusion! Keep it up boy and keep the old man from snoring into his own Malbec! lets here more about your real daily chores and issues on which ever continent you happen to be residing! and happy Birthday!

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I personally appreciate the articles and the occasional sarcasm.

However, with the advance of AI scanning and reposting abilities, does sarcasm have its intended affect on "wokish, dovish, progressive deciders"? Just wondering if there is some "tag" that can be included with a sarcastic comment so that it is not misconstrued? Or, since everything is going off the rails anyways, does it even matter?

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Bill, I like your end of the world as we know it perspective. Each day that it doesn't and life goes on as it did the day before, my spirits buoy even as my dollar buys less and less.

I also think Pogo hit the nail on its head when he said he "met the enemy, and it's us." For example, we don't elect members of Congress who promise to spend less. We only put in office those who promise to help us get access to the Federal tough

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