Worst. President. Ever. And It Ain’t Biden...

Damn Fool Crusade [Morning Reckoning] July 25, 2024 [WEBSITE]( | [UNSUBSCRIBE]( Worst. President. Ever. And It Ain’t Biden… Asti, Northern Italy July 25, 2024 [Sean Ring] SEAN RING Good morning Reader, I wrote this article over a year ago, but it’s got me thinking about Jill Biden. Jill Biden is today’s failed first lady. Edith Wilson could’ve easily shown her how to do it better. What’s Edith Wilson got to do with Jill Biden? Read on… Every time I think of Joke Biden, I think of how Jill Biden, the current FLOTUS, tried to keep every under wraps. In this day and age, it’s practically impossible. But back when there were no TV cameras, Edith Wilson did her damnedest to keep her husband in office, if not in power. Mrs. Wilson played a pivotal role in keeping Woodrow Wilson in office after he suffered a debilitating stroke in October 1919. She took on the crucial task of gatekeeping information, controlling who could see the President and what information reached him. By limiting interactions to a select group of trusted aides and advisors, Edith managed the flow of communication, reading and summarizing documents for Wilson, making decisions on what required his attention, and even drafting his responses. To manage the public perception and prevent immediate moves to challenge his authority, Edith and a close circle of advisors downplayed the severity of Wilson's condition, portraying it as a temporary illness rather than a serious incapacitation. She also delegated many presidential duties to key figures in the administration while maintaining the appearance that Wilson was still in charge. This strategy kept the administration functioning smoothly, without officially transferring power. Of course, this is an outrage, and Mrs. Wilson should’ve been jailed. But that was never going to happen, was it? Edith Wilson ran the country until March 1921, when Woodrow’s second term mercifully ended. But by then, the damage had been done anyway. Here are Woodrow’s biggest screw-ups in his administration. [URGENT: Unclaimed Giveaway Offer]( We have an item of considerable value on hold for you in our warehouse. Valued at nearly $300, this [special item]( is an opportunity you wanted to miss. [Click here to see how to claim yours now.]( [LEARN MORE]( Temperance and the Tax (1913) The [Second Plank of the Communist Manifesto]( was introduced in 1913. How Wilson is ranked in the Top 10 of Presidents is beyond my comprehension. Byron went on to explain the situation. I’ll paraphrase his wise words. Well, Wilson was a supporter of the temperance movement. But you have to realize something. At the time, the US government took up only 3% of GDP—not 13%, not 33%, but only 3%. That 3% was funded this way: One-third came from tariffs. One-third came from selling postage stamps. And the final third came from taxes on alcohol. But if you’re going to “temper” - or cut out altogether - your ability to tax alcohol, you’ve got to come up with something else. That’s why the income tax was introduced. An astute reader like you may be thinking, “Hang on, the income tax (1913) preceded Prohibition (1919) by six years. How could the income tax be a result of Prohibition?” Great question. The short answer is that the temperance movement cut into the revenues. Prohibition was merely the codification of what was already happening on the ground. Government revenues from alcohol sales experienced a significant decline before Prohibition was introduced. The temperance movement gained considerable momentum in the late 19th and early 20th centuries, driven by concerns about the social, moral, and health impacts of alcohol consumption. As a result, many states and localities started implementing restrictions on alcohol sales and consumption. This led to a decrease in alcohol production and sales, subsequently reducing the revenue generated from alcohol-related taxes and fees. Add to it that several states had already implemented their own prohibition laws before the 18th Amendment (Prohibition) was ratified. These state-level prohibition measures, often referred to as "dry laws," further restricted or banned the sale and production of alcohol within their jurisdictions. Of course, government revenues from alcohol sales declined even before the nationwide implementation of Prohibition. The declining revenues from alcohol, coupled with the growing influence of the temperance movement, contributed to the overall push for Prohibition at the federal level. But we’ll get to Prohibition later. Let’s review Wilson’s enormous mistakes first. The Federal Reserve Act (1913) We’ve beaten this horse to death. But, after that fateful November 1910 meeting here on Jekyll Island, President Wilson signed what would become known as the Federal Reserve Act of 1913 [with his four gold pens](. Entry Into World War I (1917) Wilson campaigned for re-election in 1916 on a platform of maintaining neutrality and keeping the United States out of World War I. So much for that. What contributed to his decision to enter the U.S. into the war just months after his re-election? Let’s count the ways: - German submarine warfare: Germany's use of unrestricted submarine warfare, which targeted and sank both military and civilian ships, played a significant role in shifting public opinion and Wilson's stance on the war. The sinking of the British passenger liner RMS Lusitania in 1915, resulting in the loss of American lives, had already strained U.S.-German relations. - The Zimmermann Telegram: In early 1917, the British intercepted and decoded a secret telegram from German Foreign Minister Arthur Zimmermann to the German ambassador in Mexico. The telegram proposed a military alliance between Germany and Mexico, with the promise of supporting Mexico in reclaiming lost territories from the United States. The revelation of this telegram further fueled anti-German sentiment and outraged the American public. - Public opinion and pressure: While Wilson campaigned on a platform of neutrality, there was a growing segment of the American population, particularly among certain influential groups and the media, that supported U.S. intervention in the war. Over time, public sentiment shifted, and there was increasing pressure on Wilson to take a more active role in the conflict. - Economic interests: The war presented economic opportunities for the United States. As the conflict continued, American businesses saw profits from supplying goods to the Allied powers. Wilson likely recognized the potential economic benefits of U.S. involvement in the war, as it could boost the American economy and position the country as a major player on the world stage. - Wilson's naive idealism: Wilson believed that the United States had a unique opportunity to shape the post-war world and establish a lasting peace. He developed his vision, known as the Fourteen Points, which outlined principles for peace. This included self-determination for nations and the establishment of a League of Nations. Wilson saw U.S. intervention in the war as necessary to achieve his vision and ensure a just and lasting peace. Whether Wilson walked us into the war or pushed us is inconclusive. Ultimately, a combination of factors got us into the conflict. Prohibition (1919) My grandfather was born in 1919. I’m so glad I wasn’t around for this tomfoolery. During his presidency, Wilson publicly supported Prohibition. He saw it as a moral duty and an opportunity to promote social order and increase productivity, particularly during World War I. Wilson believed that banning alcohol would help conserve resources, maintain discipline among the troops, and bolster the war effort. While Wilson didn’t actively promote the amendment himself, his endorsement and influence helped sway public opinion and create political pressure on state legislatures to ratify it. With the ratification of the 18th Amendment in 1919, which prohibited the manufacture, sale, and transportation of alcoholic beverages, Prohibition became the law of the land. Of course, Prohibition did not go as planned, leading to unintended consequences such as the rise of illegal activities and the growth of organized crime. Thank heavens the ban on alcohol was eventually repealed with the ratification of the 21st Amendment in 1933. Wrap Up How Woodrow Wilson is considered anything other than a complete screw-up is beyond my comprehension. He was a warmongering, income-taxing, central banking monster. And he deprived the citizenry of a stiff drink as he did all this! Oh, the shame of it all. The Federal Reserve vexes us daily. Every April 15th, the income tax redistributes your hard-earned cash to someone else. And you can certainly argue America’s interventionist, itchy trigger finger is a direct descendant of Wilson’s damn fool crusading. At least, we can have a martini. Perhaps we can reverse some of his other awful decisions one day. All the best, [Sean Ring] Sean Ring Contributing Editor, The Morning Reckoning feedback@dailyreckoning.com X (formerly Twitter): [@seaniechaos]( [Elon Musk’s NEXT Billion-Dollar IPO Revealed by the end of 2024?]( [Click here to learn more]( First, Paypal’s IPO made him a multi-millionaire… Then Tesla’s IPO made him a billionaire… Now, his NEXT big IPO could make him a TRILLIONAIRE. And for anyone who knows how to follow Musk as he potentially takes this new company public… The gains could be life-changing. [Click here to find out how](. [LEARN MORE]( In Case You Missed It… Live Longer… and Get Rich Greg Guenthner, Editor [Greg Guenthner] GREG GUENTHNER Good Morning Reader, Last week, my colleagues, Sean Ring and Ray Blanco, sat down to talk about the hottest stocks on the market. Ray is the biotech expert of Paradigm, and he’s one of the best at picking up-and-coming names that you might not even heard of. 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Please send all feedback to [feedback@dailyreckoning.com.](mailto:dr@dailyreckoning.com) [Sean Ring] [Sean Ring, CAIA, FRM and CMT]( is a former banker and financial educator and is the editor of the Rude Awakening. Sean has trained interns and graduates from Goldman Sachs, Morgan Stanley, Citi, Bank of America, Standard Chartered Bank, DBS (Singapore), the Abu Dhabi Investment Authority (ADIA), Bank Indonesia (the central bank), HSBC, Barclays, RBS, and BlackRock. He knows the global economy is being corrupted by forces that most people can't understand and has used his unique and worldly experiences to help people navigate the markets. [Paradigm]( ☰ ⊗ [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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