Sunday, August 25, 2019

Meet America’s next pension casualty: the inventor of chocolate sprinkles

by Simon Black, Sovereign Man:

In 1923, a young Jewish immigrant from a small town in modern-day Ukraine founded a candy company in Brooklyn, New York that he called “Just Born”.

His name was Samuel Bernstein. And if you enjoy chocolate sprinkles or the hard, chocolate coating around ice cream bars, you can thank Bernstein– he invented them.

Nearly 100 years later, the company is still a family-owned business, producing some well-known brands like Peeps and Hot Tamales.

But business conditions in the Land of the Free have changed quite dramatically since Samuel Bernstein founded the company in 1923.

Hmmm: Warren Buffett’s Right Hand Man Disses Bitcoin (But He Is Really Covertly Praising Gold)

from Silver Doctors:

Charlie Munger recently came out swinging against Bitcoin, but if you understand what he just said, he was actually praising gold…

Billionaire Vice Chairman of Berkshire Hathaway has come out swinging against Bitcoin.

Here’s some of what he said about Bitcoin and the people who speculate with it, via Fox Business:

Munger told FOX Business’ Liz Claman on Monday that bitcoin was “rat poison” five years ago when the digital currency was trading just above $100 and now refers to it as “more expensive rat poison.”

Will the Saudis Try to Drive Down Oil Prices?

by Jim Rickards, Daily Reckoning:

Remember $100 per barrel oil?

Oil prices peaked at $115 in June 2014. It seems like forever ago. What kind of behavior did this high price produce?

Many oil producers assumed the $100 per barrel level was a permanently high plateau. This is a good example of the anchoring bias. Because oil was expensive, people assumed it would remain expensive.

The fracking industry assumed oil would remain in a range of $70-130 per barrel. Over $5 trillion was spent on exploration and development, much of it in Canada and the U.S.

For Economic Truth Turn To Michael Hudson

by Paul Craig Roberts, Paul Craig Roberts:

Readers ask me how they can learn economics, what books to read, what university economics departments to trust. I receive so many requests that it is impossible to reply individually. Here is my answer.

There is only one way to learn economics, and that is to read Michael Hudson’s books. It is not an easy task. You will need a glossary of terms. In some of Hudson’s books, if memory serves, he provides a glossary, and his recent book “J Is for Junk Economics” defines the classical economic terms that he uses. You will also need patience, because Hudson sometimes forgets in his explanations that the rest of us don’t know what he knows.

Stagflationary Crisis: Understanding The Cause Of America’s Ongoing Collapse

by Brandon Smith, Alt Market:

It is at times frustrating, but also interesting, to witness the progression of the mainstream’s awareness of economic crisis within the U.S. over the years. As an alternative economist, I have had the “privilege” of perching outside the financial narrative and observing our economy from a less biased position, and I have discovered a few things.

First, the mainstream economic media is approximately two to three years behind average alternative economists. At least, they don’t seem to acknowledge reality within our time frame. This may be deliberate (my suspicion) because the general public is not meant to know the truth until it is too late for them to react in a practical way to solve the problem. For example, it is a rather strange experience for me to see the term “stagflation” suddenly becoming a major buzzword in the MSM. It is almost everywhere in the past week ever since the last Federal Reserve meeting in which the central bank mentioned higher inflation pressures and removed references in its monthly statement to a “growing economy.”

“Act Now and Lock in” these Deposit Rates: Banking Cat-Fight Breaks Out Like We Haven’t Seen in Over 10 Years

by Wolf Richter, Wolf Street:

The Fed has left the room.

Now banks are sending me expensive fliers in the mail, offering higher rates on deposits, trying to attract my money. This goes way beyond the fliers I’ve been getting for years that offer a one-time bonus for putting a big chunk of money into an account that earns no interest. The photo below is part of a three-section glossy cardboard foldout that I got in the mail. It says that these rates are exclusively available at the local branch. To get this deal, I’d have to go there so they can stare into the whites of my eyes.

“Act now and lock in these competitive rates,” it says. I added the blue marks:

GOLD DOWN ONLY 55 CENTS DESPITE A RELENTLESS ATTACK: GOLD CLOSED AT $1312.80

by Harvey Organ, Harvey Organ Blog:

SILVER UP 6 CENTS TO $16.52/IRANIAN RIYAL IN A DEATH SPIRAL AND THAT IS FOLLOWED BY THE TURKISH LIRA/MORE SWAMP STORIES FOR YOU TONIGHT

GOLD: $1312,80 DOWN $ 0.55 (COMEX TO COMEX CLOSINGS)

Silver: $16.52 UP 6 CENTS (COMEX TO COMEX CLOSINGS)

$100,000/oz Silver…is the END GAME! (Bix Weir)

from RoadtoRoota:

https://www.youtube.com/watch?v=BI_rlk15kyA

Video Game Money Worth Seven Times More than Venezuelan Currency

by Peter Schiff, Schiff Gold:

In August 2015, a photo of a man using a 2 bolivar note as a napkin went viral. It vividly illustrated how rampant inflation had devalued the Venezuelan currency to the point of near worthlessness.

Fast forward two-and-a-half years and things haven’t gotten any better for Venezuelans. In fact, they’ve gotten significantly worse. Today, Venezuelans are better off holding video game money than bolivars. According to an article published by Fortune, World of Warcraft tokens are seven times more valuable than Venezuelan currency.