A Reset for America

The nation feels reinvigorated [The Daily Reckoning] December 03, 2024 [WEBSITE]( | [UNSUBSCRIBE]( A Reset for America Portsmouth, New Hampshire [Jim Rickards] JIM RICKARDS Dear Reader, In late November, $140 billion of American savings disappeared into thin air. This was the result of a revision to the U.S. personal savings rate by the BEA. Of course, the money only ever existed in a government-published report. But the original “bullish” data was widely cited as a sign that all was well with the economy. In truth, Americans are burning through their savings at a rapid pace. During the pandemic citizens reached record savings levels due to stimulus checks and programs, but since then all those excess savings have been [burned]( through. Biden’s inflationary and anti-growth policies have taken their toll. U.S. credit card debt recently surpassed $1.14 trillion, a new record, while growing at unprecedented speed. Compounding the problem, APRs on credit card debt are also at record highs, well over 20% on average, with certain cards reaching APRs of over 33%. That’s not far away from payday loan APRs. And it’s not just American savings data that has been manipulated to appear healthier than it truly is. New home sales data for the U.S. over the summer was also recently revised sharply downwards. Payroll data and job openings have also been revised downward this fall. All sorts of bullish economic beats have been quietly revised to misses. It appears that the Biden administration broadly exaggerated economic statistics in an attempt to make the economy appear healthier than it truly was. Strangely, these data corrections don’t get nearly as much attention as the original (incorrect) reporting did. Once the “good” headline number comes out, traders and algorithms react immediately to the news. But they largely ignore subsequent bearish revisions, which don’t get nearly as much coverage in the news. It’s just the way the world works. When investors want to see positive economic data, they’ll find it. But eventually, the country will have to address these underlying issues head-on. Fortunately, we will soon have a competent leader in the White House to do so. [Do NOT Invest in anything until you see this]( [click here for more...]( While mainstream media headlines are focused on the pandemic and the election, shocking details about this rare occurrence happening right now are being ignored. Something is happening right now that could result in profits even HIGHER than investing just in gold bullion itself. And this gold expert with decades of experience has recorded [a brand new briefing]( on how you can take advantage of this unique opportunity. He’s urging Americans to watch this before they invest in ANYTHING. [Click Here Now Before This Opportunity Comes Offline]( A Renewed Sense of Purpose If this economy was a game of poker, Donald Trump would have been dealt a 2-7 off suit. It’s a bad hand, statistically speaking. But I believe that the Trump administration will, in time, overcome the subpar cards they were dealt. President Trump is set to cut red tape, eliminate waste, and make smart infrastructure investments. These aspects alone will have a highly significant impact on our financial outlook. Moreover, since the election, there’s a renewed sense of purpose in the country. Investors and business people understand how important this outcome was for the country. Before Trump’s win, there was widespread malaise throughout the country. There simply wasn’t much cause for optimism. Now the nation feels reinvigorated. The country is excited about the idea of Elon and Vivek’s DOGE slashing government waste. The people want to see widespread agency corruption ended. And when was the last time you saw this much attention paid to cabinet picks? Never. Americans have finally re-engaged with their government. This morale boost will be immensely helpful as we work through these headwinds. In economics, attitude matters almost as much as fundamentals. [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… [Click Here ASAP]( I still expect a recession to hit soon, if we’re not already in it, due to the Biden administration’s economic fumbles. It remains to be seen just how bad things might get in the short run. In terms of Trump’s policy plan, the new tariffs will encourage foreign companies to manufacture in the U.S. It’s simple: if you want to sell to America, set up shop here and create jobs. Trump made some progress on this during his first term, but now that the GOP has control of Congress and a mandate from the American people, it should be a smoother process this time around. Tariffs can also be a powerful bargaining tool, as Trump has already shown with Canada and Mexico. Importantly, Trump’s team understands that it is impossible to tax our way out of this situation. The only path forward is to grow the economy faster than the debt. Once we turn that corner, the problem begins to address itself. I’m not saying it’s going to be all smooth sailing. True reform is always a challenging process. There will almost certainly be more inflation on the horizon (but not nearly as bad as if Kamala had won). This is an unavoidable consequence of decades of reckless government spending. Still, the outlook for the nation has improved dramatically since November 5th. We have a rare chance to make meaningful, lasting change in America. It’s exciting to see it finally taking shape. All the best, [Jim Rickards] Jim Rickards for The Daily Reckoning [feedback@dailyreckoning.com.](mailto:feedback@dailyreckoning.com) P.S. Just hours ago, [my publisher broke the news]( that the annual subscription price of Strategic Intelligence may increase to $500 (or more) in 2025… As one of my readers, this price hike directly impacts you. This change could go into effect at any moment. But before it does, we’ve arranged a [special, limited-time offer]( for you that expires this Wednesday at midnight. If you take action via [this link]( you can lock in your current subscription price at 80% off and never have to pay the new price of $500. [It’s my way of saying thank you for being one of my readers.]( That’s why I’m asking you to drop whatever you’re doing… and visit [this page]( right away. You only have until midnight on Wednesday to prepare. [>> Click here now to claim this exclusive Strategic Intelligence offer… <<]( Thank you for reading The Daily Reckoning! We greatly value your questions and comments. Please send all feedback to [feedback@dailyreckoning.com.](mailto:feedback@dailyreckoning.com) [Jim Rickards] [James G. Rickards]( is the editor of Strategic Intelligence. He is an American lawyer, economist, and investment banker with 35 years of experience working in capital markets on Wall Street. He is the author of The New York Times bestsellers Currency Wars and The Death of Money. [Paradigm]( ☰ ⊗ [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 The Daily Reckoning e-mail subscription and associated external offers sent from The Daily Reckoning, 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@dailyreckoning.com. This address is for feedback only. For questions about your account or to speak with customer service, [contact us here]( or call (844)-731-0984. Although our employees may answer your general customer service questions, they are not licensed under securities laws to address your particular investment situation. No communication by our employees to you should be deemed as personalized financial advice. We allow the editors of our publications to recommend securities that they own themselves. However, our policy prohibits editors from exiting a personal trade while the recommendation to subscribers is open. In no circumstance may an editor sell a security before subscribers have a fair opportunity to exit. The length of time an editor must wait after subscribers have been advised to exit a play depends on the type of publication. All other employees and agents must wait 24 hours after on-line publication or 72 hours after the mailing of a printed-only publication prior to following an initial recommendation. Any investments recommended in this letter should be made only after consulting with your investment advisor and only after reviewing the prospectus or financial statements of the company. The Daily Reckoning is committed to protecting and respecting your privacy. We do not rent or share your email address. Please read our [Privacy Statement.]( If you are having trouble receiving your The Daily Reckoning subscription, you can ensure its arrival in your mailbox by [whitelisting The Daily Reckoning.](