Nothing is Biden’s Fault

Oh boy, it's time to answer some of the comments in the mailbag. July 24, 2024 [WEBSITE]( | [UNSUBSCRIBE]( Nothing is Biden’s Fault SEAN RING Dear Reader, As we sat here patiently waiting to see if Joke Biden was a breathing corpse or a dead one, I received this comment in the mailbag I must address. Shame on you, Sean. Your grasp of economics alone tells you most headline events have a time lag from their causes. Case in point: saying "Biden caused massive inflation" when it simply came to a head on his watch; one cause was the lockdowns Trump initiated. Biden just made it worse. Your cohorts at Paradigm have been warning about low rates and "helicopter" money printing since the 2007/2008 mess, and the hammer finally dropped. The rest of that list is as follows: The Keystone XL pipeline was only popular with oil companies. Environmentalists—and Sioux who had it forced onto their land—were fighting it for years. Canadian oil, sent to Louisiana to be processed by multinational firms for sale overseas, did not profit anyone else. The $85B in gear was abandoned because Biden did not want to break the word of a US President (Trump) who agreed to a sudden pullout. The southern border 'mess' is decades old, numbers and issues are exaggerated, and don't forget Trump ordered the bipartisan bill killed for election politics. "Lawfare" is a vague accusation -- it may just be a lot of individuals jumping on the opportunity to "finally nail that slippery sucker". Europe and Ukraine -- I agree the US has always been too involved in the affairs of a continent determined to screw itself. The American people are mostly isolationist/libertarian, but the neo-cons who profit from war have always been good at waving the flag and crying wolf. Damon C. Damon, I will take each of these in turn because I think you’ve got the wrong end of the stick on most of them. Biden’s inflation: You’re right to point out that most Austrian, Classical, and Monetarist school economists have been warning about inflation since the Fed started to print money to “save the economy” in 2008. All of us were wrong because the kind of inflation we had was asset price inflation, not consumer price inflation. That’s because our big banks would redeposit their excess reserves at the Fed for 25 basis points overnight and not lend them to questionable credit risks in the economy. That is, money never comes into the hands of the US consumer. As you can see from the chart below, we didn’t get out-of-control consumer price inflation until Biden was president. But that’s not because of a magical 12-year time lag. That’s because the stupid old goat printed stimulus checks like they were going out of style. The direct dumping of money into the hands of the US consumer almost certainly caused that insane spike in consumer price inflation in recent years. The Keystone XL pipeline: Environmentalists are against everything. Capitalism provides them with something to be against. Biden scored cheap political points for a green lobby that holds the Democrats to ransom. Without pipelines, oil transportation relies more on rail and trucks, which can be less efficient and pose environmental risks. Of course, no one mentions that. It costs much less to transport oil by pipeline—about $5 per barrel, compared to $10 to $15 for rail transport. The U.S. State Department's final review in 2014 estimated that the pipeline would create around 42,100 direct and indirect jobs during the two-year construction period and 35 permanent positions for maintenance afterward. I guess the Sioux didn’t want any of those jobs. And yes, oil companies would profit. That’s what we want them to do when they ship energy more cheaply. Who else would you like to have profited from this? It also strained US-Canadian relations because of all the jobs lost north of the border. As Thomas Sowell once said, “There are no solutions, only trade-offs.” The $85 billion in equipment in Afghanistan: Stop it. What president cares about a promise a previous president made? That’s weak sauce. Biden botched the pullout because he can’t organize a party at an amusement park. [Here’s Trump calling Mark Milley a f*cking idiot at Mar-a-Largo over it.]( Here’s [a CBC article outlining the mistakes](. The Southern Border: my parents lived not far from there in Texas, and I’m so glad they’re nowhere near it anymore. There are degrees for everything. It’s true, the southern border has always been porous. But 11 million people porous? That’s plainly absurd. Biden opened the gates without even making the enemy build a horse. Lawfare: Here’s Andrew Cuomo commenting on Donald Trump’s hush money case in New York. That case, the Attorney General's case in New York, frankly should have never been brought. And if his name was not Donald Trump, and if he wasn't running for president from the former AG in New York, I'm telling you that case would have never been brought. And that's what is offensive to people. And it should be. Because if there's anything left, it's belief in the justice system. [Here’s the video]( if you need further proof. And here’s Byron King’s excellent Rude contribution titled, you guessed it, [Lawfare](. Europe and Ukraine: I largely agree with you on that one. (URGENT!) Important Change to Our Business From the Desk of Matt Insley, Executive Publisher Hey, it’s Matt and I thought you should know this… We’re preparing for a very important change to our business. As you know, the last two years have been ALL about AI and crypto. And while those opportunities are still massive… A third, possibly even bigger wealth-generating opportunity has just emerged. [I can’t say everything here. Please go here and we will explain everything.]( Clicking the link above automatically registers you for The Superstock Summit. By reserving your spot, you will receive event updates and offers. We will not share your email address with anyone. And you can opt-out at any time. [Privacy Policy.]( [Click Here To Learn More]( Bankers’ Notes Your recent Rude prompts me to do something I have thought of many times over the several years Sean has been the driver of The Rude === asking if there is any way to purchase his lecture notes used in training fledgling bankers. --------- Yes or no? Guy S. Thanks for writing, Guy! Alas, the notes I use belong to my training company, so I can’t. However, if you’re really interested in me doing an equivalent lecture series or live online teaching events, please badger Dustin Weisbecker at feedback@rudeawakening.info. I’d consider it an honor to teach you and put something like that together. America Dodged a Bullet One of the best, most informed articles Sean Ring has produced. I wish I could tell you directly, but I don’t use Twitter or X. In total agreement, Charles C. (Regarding your America Dodged a Bullet article) Thank you for the kind words, Charles! Piemontese Wines Sean, You've mentioned this wine as one of your favorites. I had never heard of it. We recently visited our local Total Wine store and picked up a bottle of Tesoro Della Regina Barolo. Drank it last night, and it was excellent. Thanks for the tip. Tom C. (I think the wine you mentioned was Barolo) Awesome, Tom! I love Barolo. It’s full-bodied and delicious. If you want something a touch lighter, try Barbaresco. I also love Nebbiolo and Barbera. There are so many good wines up North in Italy. No Idea Before spewing information about the law, get your facts straight first. It’s obvious you didn’t. I suspect most of your “Rude Awakening” is similar to other Dem/Pelosi talking points. Remove me from your email blasts. You have no idea what’s been in the law for over 240 years do you? Chuck M Chuck, I posted this so everyone else who reads the Rude can laugh at you. That is all. Wrap Up Many wrote in wondering why I excluded “impeachment” from Presidential punishments. I did that because impeachment is brought by The House and tried in The Senate. It has nothing to do with our present lawfare dilemma. That’s the only reason. Thanks again for writing in. Continue to do so at feedback@rudeawakening.info. All the best, Sean Ring Editor, Rude Awakening X (formerly Twitter): [@seaniechaos]( Rate this email Like Dislike Thanks for rating this content! Looks like something went wrong. Please try to rate again. In Case You Missed It… The Democrats’ Dilemma SEAN RING I genuinely understand the Democrats’ dilemma. After all, you pushed out your own incumbent. The person in line to replace him is a dunce. What do you do? Credit: [@CRRJA5]( (Thanks to my mother for sending this over!) Thanks to [The Wall Street Journal]( we’ve got a cheat sheet of who’s supporting Kamala Harris’ presidential bid and who hasn’t so far. I’m not so surprised at who’s supporting Harris. It’s your usual mix of white progressives and brown-black incumbents. It’s who’s not supporting Harris that has me slightly surprised. First, the supporters. Yea, For Harris! According to The Journal, these are the people who’ve come forward to support Kamala Harris’ bid. None of these names should surprise anyone. - Former President Bill Clinton and former Secretary of State Hillary Clinton. - At least four Democrats who are often mentioned as top presidential contenders—California Gov. Gavin Newsom, Pennsylvania Gov. Josh Shapiro, Illinois Gov. J.B. Pritzker, New Jersey Gov. Phil Murphy, [Michigan Gov. Gretchen Widmer]( and Transportation Secretary Pete Buttigieg—endorsed Harris. - Kentucky Gov. Andy Beshear and North Carolina Gov. Roy Cooper, who are thought to be VP contenders. - Senate Democrats such as Elizabeth Warren (D., Mass.), Patty Murray (D., Wash.), Mark Warner (D., Va.), Mark Kelly (D., Ariz.), Kirsten Gillibrand (D., N.Y.), Chris Murphy (D., Conn.), Tina Smith (D., Minn.), and Sen. Dick Durbin (D., Ill.). Sen. Sherrod Brown (D., Ohio), who faces a tough re-election, also endorsed Harris, according to a spokesman. - Nanette Barragan (D., Calif.), who chairs the Congressional Hispanic Caucus. - Katherine Clark (D., Mass.), who is the House minority whip. - Pete Aguilar (D., Calif.), who is chair of the House Democratic Caucus. - House progressives such as Reps. Pramila Jayapal (D., Wash.), Jared Huffman (D., Calif.), Rep. Cori Bush (D., Mo.), Rep. Alexandria Ocasio-Cortez (D., N.Y.) and Rep. Ilhan Omar (D., Minn.). - Influential South Carolina Rep. James Clyburn. - New York City Mayor Eric Adams. - Prominent donors, including Alex and George Soros. - Key groups, such as the Human Rights Campaign, AAPI Victory Fund, The Collective PAC, Latino Victory Fund, Priorities USA, and Emily’s List, also endorsed her. [Download This New Survival Guide Today!]( There is a “Crisis Survival Guide” that is available to all Rude Awakening readers today. This short 73-page document has everything you need to know to protect yourself and your family in times of crisis. Things like what foods to stock up on now, staying safe during periods of rioting and looting and more. Inside it breaks down all of the coming threats you face and how to prepare. [>> To see how to download your copy, click here now](. [Click Here To Learn More]( Not So Fast, Ms. Harris! Here are the people who’ve not pulled the lever for the Vice President. - Former President Barack Obama - Former House Speaker Nancy Pelosi (D., Calif.) - House Minority Leader Hakeem Jeffries (D., N.Y.) - Senate Majority Leader Chuck Schumer (D., N.Y.) Let’s take each one of these in turn. Former President Barack Obama This one surprises me because I always thought Harris was Obama’s mole inside the White House. This may have been the case, but for some reason, Obama is holding his fire. Could it be because he wants Michelle in there? Or is it simpler than that? Perhaps he just doesn’t think Kamala is up to the job. His comment after Biden’s withdrawal said much: We will be navigating uncharted waters in the days ahead. But I have extraordinary confidence that the leaders of our party will be able to create a process from which an outstanding nominee emerges. First, it’s self-evident that the Democrats couldn’t organize a piss-up in a brewery. How are they going to “create a process from which an outstanding nominee emerges?” Second, who, exactly, are the leaders of the party? And finally, that’s about a warming and ringing endorsement as Bill Clinton gave to Al Gore in 2000. Former House Speaker Nancy Pelosi (D., Calif.), House Minority Leader Hakeem Jeffries (D., N.Y.), and Senate Majority Leader Chuck Schumer (D., N.Y.) In case you didn’t know, Nancy Pelosi’s nephew is California Governor Gavin Newsom. So it’s easy to see why she withheld her endorsement from fellow Californian Harris… except Newsom has already endorsed Harris. Allegedly, Pelosi is so put out by Biden’s departure that she needs some time to think. She’s older than Biden, so she must be feeling the Grim Reaper breathing down her wrinkly neck. And yet, this woman didn’t immediately endorse a female candidate for President. Not particularly sporting of her. Jeffries and Schumer don’t have familial issues. But they, along with Pelosi and Obama, were the Big Four that pushed out Biden, against the wishes of many of the currently serving Democrats. Now they don’t want to look like they’re the “Party Elite” coronating a new queen. Harris, herself, has said of Biden’s endorsement, that she’s “honored to have the President’s endorsement, and my intention is to earn and win this nomination.” To be sure, she’s not accepting the nomination… yet. Angry Donors Major Democratic donor John Morgan refuses to raise money for Kamala Harris. Honestly, I don’t blame him. Morgan was quoted as saying, “If Trump World could pick anybody to run against, I think they pick her." He’s correct. Harris is an intellectual amoeba. Whatever you think of Trump, he’s fantastic on his feet in debates. He’ll eat her alive. [Yesterday, Morgan posted this on X]( You have to be enthusiastic or hoping for a political appointment to be asking friends for money. I am neither. It's others turn now. The donors holding the 90 million can release those funds in the morning. It's all yours. You can keep my million. And good luck. Wrap Up Again, this is far from over. And Biden’s declining health is receiving much attention today. Don’t be surprised if he steps aside. Then Kamala becomes the incumbent against Trump. But not everyone wants Kamala as the Democratic nominee. This points to uncertainty over the next few months. Funnily enough, the markets are down on gold, but stocks are up. And this update just came over the wires at CNBC:[Harris, Democrats net $100 million in online donations after Biden exits race](. Get ready for a bumpy ride over the next few months. All the best, Sean Ring Editor, Rude Awakening Twitter: [@seaniechaos]( ☰ ⊗ [ARCHIVE]( [ABOUT]( [Contact Us]( © 2024 Paradigm Press, LLC. 1001 Cathedral Street, Baltimore, MD 21201. By submitting your email address, you consent to Paradigm Press, LLC. delivering daily email issues and advertisements. 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