The Junior Varsity Debate Raged as Bombardment and Strike Started

JD Vance beats Tim Walz; Iran gives Israel a beating; Longshoremen cripple the American economy. October 02, 2024 [WEBSITE]( | [UNSUBSCRIBE]( “I’ve Become Friends With School Shooters.” SEAN RING Tim Walz set an impossible task for himself. He needed to defeat JD Vance in the Vice Presidential debate as Iran was bombarding the crap out of Israel, and the International Longshoremen's Association (ILA) went on strike, “crippling” the US economy from Maine to Texas. How much money did Democrat administrations give to Iran? How badly would the US economy be affected during this strike? You’d almost think the unionized longshoremen want a Republican in the White House. And how well did the folksy Walz stack up against the Hillbilly Yale Law Grad? Well, we found out, much to Walz’s dismay. At least we know what The Donald thought of the proceedings: “I’ve Become Friends With School Shooters.” And that, my friend, is the dumbest thing you could say during a debate. And yes, Tim Walz said that. [Walz ignored the questioner when asked to clarify that remark afterward.]( I don’t know what he was getting at by saying that, but whatever it was, it didn’t go over well. The X-Verse lit up like a Christmas tree. One father of the Parkland school shooting said this was “[disqualifying]( Besides that gigantic elephant in the room, JD Vance was the more polished debater. You’d expect that from a Yale Law Graduate. Lawyers are supposed to be good at this sort of stuff, which is why it’s such a wonder why Kamala Harris, a former state attorney general, isn’t. Vance correcting the fact-checking CBS moderators was the opening treat for the viewer. They had to cut off his mike to stop him from embarrassing the network further. CBS’s behavior was despicable; quite frankly, it was more of an opponent than Walz. Walz may be a guy you want to have a beer with—if you’re a Maoist, of course—but he’s loose, too loose with his facts. Before the debate, he got caught lying about his military service. This time, the moderators asked him why he lied about his time in China and Hong Kong, which were not during the Tiananmen Square demonstrations in 1989. His self-deprecating “I’m a knucklehead at times” answer won’t go far if he’s the second in command. On the other hand, Vance controlled the room; the room didn’t control him. He hesitated only once on the “gotcha” question, “Did Trump lose the 2020 election?” It was a job well done for him. Veep debates rarely change hearts and minds. But the night’s other activities surely had at least some Americans thinking, “Do I want the Dems in charge for another four years?” [URGENT: Regarding Your 2024 Strategic Intelligence Membership Dues!]( Hi, I’m Matt Insley. I’m the Publisher at Paradigm Press. Just moments ago, I just got off the phone with Jim and we agreed: it’s time we start charging more money for access to his newsletter. That’s why we may implement a massive price hike for all subscribers in the coming days. But if you [click here now]( you can lock in your current subscription price at 80% off – and never have to pay the potential new price of $500. Don’t waste any time. [Just click here now to claim this special offer.]( Iron Dome: More Science, Less Fiction Today’s 50-cent word is “fungible.” Fungible means replaceable by another identical item or mutually interchangeable. That means if you hand over $157.7 billion to Iran (Obama unfroze $150 billion in Iranian assets and paid $1.7 billion to settle an old debt in 2016, and Biden unfroze $6 billion in oil revenues in 2023), the dollars can be used for “other things.” You know, like missiles. When the funds were released, U.S. officials emphasized they were restricted for humanitarian purposes like food and medicine and are being closely monitored. Of course, people who know anything about international payments knew this was nonsense. Now, everyone knows what those restrictions were worth, and Israel has found out firsthand, much to its detriment. As for the Iron Dome, it’s about as valuable as an umbrella during a volcanic eruption. Live shot of the Iron Dome protecting Israel during the Iranian bombardment. If this keeps up, I might also start thinking the Samson Option is made up. Finally, let’s get to the administration’s handling – or lack thereof – of the longshoremen’s union. How to Hate Unions In One Easy Lesson As for the last piece of today’s puzzle, we have Harold Daggett, head of the International Longshoremen’s Association, threatened to “cripple” the US economy. It's an excellent negotiating strategy, methinks. Here’s what he had to say in a [YouTube video]( Let me explain something to you. These people today don't know what a strike is. When my men hit the streets from Maine to Texas, every single port will lock down. You know what's going to happen? I'll tell you. First week, it’ll be all over the news every night… boom boom. Second week, guys who sell cars can't sell cars because the cars ain't coming in off the ships. They get laid off. Third week, malls start closing down. They can't get the goods from China. They can't sell clothes. They can't do this. Everything in the United States comes on a ship. They go out of business. Construction workers get laid off because the materials aren't coming in. The steel is not coming in. The lumber's not coming in; they lose their job. Everybody's hating the longshoremen now because now they realize how important our jobs are. Now, I have the president screaming at me, “I'm putting a Taft-Hartley on you!” Go ahead. Taft-Hartley means I have to go back to work for 90 days after a cooling off period. Do you think when I go back for 90 days, those men are going to go to work on that pier? It's going to cost the companies money to pay their salaries while they go from 30 moves an hour maybe to eight. They're going to be like this. [Strangling oneself.] Who's going to win here? In the long run, you're better off sitting down, and let's get a contract and let's move on with this world. Because in today's world, I'll cripple you. I will cripple you, and you have no idea what that means. Nobody does. This guy means business. Considering all these things, let’s see what we can do with it. The Market and You Let’s say Trump gets in, the war in Israel escalates, and the ports stay closed, crippling the supply chain. My goodness, this is as inflationary as ever. And I didn’t even mention China’s loose monetary policy. A Kamala victory would mean even looser US economic policy. I love gold, silver, and their miners. I wrote about my positions in the [Daily Reckoning](. Although bonds are doing well right now, I take [Stanley Druckenmiller’s view]( very seriously. The higher the inflation, the more bonds will be hurt. Yes, gold and silver got hit lately. Look at it as a buying opportunity. Wrap Up Expect massive inflation to return. As ever, Jim Rickards is correct. We’re not out of the woods yet. We never were. Think about it: Trump or Kamala, combined with Middle Eastern wars, no open East Coast or Gulf Coast ports, and loose monetary policy in the biggest economic superpowers. It all adds up to one thing: higher prices. You’ll have to consume it. But also be an intelligent investor and use it to your advantage. Buy gold, silver, and their miners. Have a great day! 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… Gold Glitters as Silver and the SPX Soar SEAN RING September 2024 Monthly Asset Class Report Kris Kristofferson, John Ashton, Dikembe Mutombo, and now Pete Rose. Dame Maggie Smith – ladies, first, I guess – went a few days ago. It’s been a rough few days for us 80s kids. But with Powell’s 50 basis point cut, and it’s looking like another one’s on the way, let’s let the good times roll while we’ve got some time left. Because Jay’s not only bringing the punch bowl. It looks like he’s bringing the keg, too. The SPX hit a new monthly all-time high, as did gold. Silver looks like it’s finally on the verge of breaking $33 for good. That leads us to the amber waves of $35 and $38. Bitcoin looks like it’s in the middle of a bull flag (I’ll explain later), while Ether looks like it’s got one foot in the grave and the other on a banana peel. But bonds continue to puzzle me. Maybe the market believes inflation is dead, the damn fools. Because bonds look good right now. But the big story is the dollar. As someone sitting in Europe, I cannot for the life of me figure out why you’d rather own euros than dollars. But right now, I owe Alan Knuckman dinner because he said the dollar index would fall below 100 before it rallied to 115. I thought he was crazy. He was correct. The dollar isn’t about to get stronger anytime soon. That’s excellent news for assets priced in dollars. Except for oil, for some reason. That chart is uglier than a drunk carpenter’s thumb. We’re heading down there, as well. Enormous American supply and a crappy world economy will do that to you. Without further ado, let’s get to the charts. S&P 500 ***New Monthly Closing High of 5,762.48*** Up, up, and away! We’re still hitting record after record in the SPX. This isn’t the time to sell. I thought it might be after Powell cut 50 bps instead of 25 bps, but that was incorrect. This market looks like it has a way to go. I still target 6,000. Nasdaq Composite We’re getting closer to establishing new all-time highs in the Nasdaq. After an abysmal first week of September, it rallied the rest of the month. Again, you don’t want to be a seller here. It’s giving no other indication other than going up. Russell 2000 (Small caps) The Russell didn’t do much this month, but that’s fine. It’s been holding up well. We’re still in a bullish trend, even if we look a bit toppy from time to time. The US 10-Year Yield We’re hanging around the 3.80% level. It’s surprising, as the dollar has fallen out of bed after Powell’s cuts. I expect this to come down further in the coming months, as assets get bid up. Dollar Index Now that the Fed is in a cutting cycle, you’d think the USD would’ve fallen more. It hasn’t cratered yet, but we’re in for a big dump soon. First, we’ll see 99.50, then 94.50. As a person who lives in Europe, this is utterly beyond me. But hey, no one said currencies were easy. USG Bonds We hit our 99 target from last month. The new target is 102.90. Honestly, I don’t like bonds with the inflation picture the way it is - no, we’re not out of this mess yet. But we must first listen to the charts. Investment Grade Bonds The next target is 132, though I doubt we’ll reach it. Still, there’s no reason to be short… yet. High Yield Bonds We broke the target of 79 this past month. Our new upside target is 85. Real Estate VNQ was up again this month. The target is still 116. [Urgent: Claim Your Copy Of This New Book From America’s #1 Retirement Expert!]( Forget everything you’ve ever been told about retirement. According to [this new book]( – written by America’s #1 retirement expert – you don’t have to wait until you’re 65+… and you don’t need millions of dollars. [The strategy you’ll find outlined inside this book]( is completely different… All you have to do is tap into the little-known income streams revealed inside this book… And you’ll learn exactly how you can generate almost effortless income every month… instantly, in some cases! And today, for a limited only, you have the chance to claim a copy of this book for just $1. [Click here now to claim your special book offer.]( Energy: West Texas Intermediate (Oil) We fell another $5 this month. Forget a rally here. The next target is $61. Unless and until oil rallies, worries about a recession are unfounded. Base Metals: Copper The ascent wins! Dr. Copper is looking at a big rally now. We’ve already got up to $4.55. I’d look to clear $5.20 first. Then, the big target of $8.50 may be in play. Precious Metals: Gold ***HIGHEST MONTHLY CLOSE OF 2,659.40*** We hit the $2,609 target. We’re now looking at $2,759. With the Fed cutting rates before inflation has been tamed, we’re still nearer the beginning of a bull market than at an end. Precious Metals: Silver Ok, we’re close to the breakout we need. Once we breakthrough $33, which may take a while, the next stop is $38. From there, $50 will be much easier to hit. Cryptos: Bitcoin I don’t like the lower highs and lower lows on this chart, but this may be one big bull flag. From [Investopedia]( They are called bull flags because the pattern resembles a flag on a pole. The pole results from a vertical rise in a stock, and the flag results from a period of consolidation. The flag can be a horizontal rectangle but is often angled away from the prevailing trend, as in this example. I reiterate my target of $100,000 by January 2026, and I see the current consolidation pattern as a potential precursor to a breakout. The current bullish price target is about $90,000. Cryptos: Ether Ether has broken down. I’m unsure what the problem is, but ETH is considerably weaker than BTC. We could see ETH hit $1,950 from here. The charts are targeting a woeful $790. Trad Asset Class Summary Like the last two months, the big loser was the USD, down another 1.22%. Commodities and the SPX were up nicely at 4.45% and 4.22%, respectively. The long bond was, again, as flat as a pancake, moving up only 25 basis points. Crypto Class Summary Dogecoin, Ripple, and Bitcoin were up double digits in September. Ether and Litecoin were up single digits. Monero, the most secretive coin, was down 8.94%. Wrap Up SPX, Bitcoin, gold and silver… and even bonds… look amazing. Stay away from oil and Ether – you’ll catch your death there. Finally, let’s take a moment, courtesy of the Twitterverse: Have a wonderful day! All the best, Sean Ring Editor, Rude Awakening Twitter: [@seaniechaos]( ☰ ⊗ [UPDATE PREFERENCES]( [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. To end your Rude Awakening e-mail subscription and associated external offers sent from Rude Awakening, feel free to [click here,]( or manage your newsletter preferences [here.]( Please note: the mailbox associated with this email address is not monitored, so do not reply to this message. We welcome comments or suggestions at feedback@rudeawakening.info. This address is for feedback only. 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