The Daily Reckoning has no voice in the US presidential elections. But we will nevertheless declare a preference. Were he to toss his hat in the ring, we would line up behind former Senator Jon Corzine. The ex-Goldman chief has the experience that America needs. He has been a front-runner in politics…and in the world of finance, what he doesn’t know about front running is probably not worth knowing. Presuming, however, that Corzine will be too busy fending off lawsuits or jail sentences, our next choice is Republican Newt Gingrich. Of course, we find him completely repulsive, who wouldn’t? But we believe he’s the man of the hour. History needs him, to carry on the work of Bush and Obama, hustling the great nation on its way to Hell.
It is rare for a decent man to seek public office. He is ashamed of pandering. He is embarrassed by the stupidity of his own slogans. He is appalled by the low-lifes and quasi criminals with whom he must associate and from whom he must beg support.
They are all swarming around Newt Gingrich now. The handlers, pollsters, word polishers, idea chiselers, fund raisers, donors, hangers on, groupies, roadies — carpet-bagging rascals every one of them. Now they’ve got the scent in their nostrils. Their chests heave. The hearts pump. If they can just keep their man Newt from blowing himself up they’ll be in high cotton for at least 4 years. One will head a commission or a cushy seat at the UN. Another will get a contract to provide the pentagon with new ID badges. Another will ride into a remote Congressional seat on Newt’s coattails. Power. Money. If Newt wins, they win. Newt’s women will think themselves smarter and prettier. The men among them will feel their most private part growing bigger.
American presidential candidates generally fall into three categories. Those who are obviously incompetent. Those who are scalawags. And those who are jackasses. The job of the voters is to choose the defect most suited to the time.
Winston Churchill was a disaster as First Lord of the Admiralty during WWI; the Gallipoli campaign was his doing. Then, on how to deal with the Iraqi insurgents, circa 1920, he offered this advice: Use chemical weapons “against recalcitrant Arabs as an experiment,” he suggested, adding, “I am strongly in favour of using poisoned gas against uncivilised tribes to spread a lively terror.” Later, as Chancellor of the Exchequer, he put Britain back on the gold standard, but at a level that was bound to cause trouble. It came, in 1929.
He may have been incompetent. He may have been a big-mouth imperialist. But Churchill was the man Britain needed in 1940.
When times are good, the public generally prefers a scalawag. Clinton was the perfect president for the ’90s boom years. Warren Harding would have been a great fit with the boom of the ’20s. He drank. He played cards. He snuck out of the White House to go to girlie shows. Otherwise, he left people alone. But he was a little early. Most of the “Roaring Twenties” boom happened during the Coolidge administration. On the surface, Coolidge was a mismatch. Straitlaced. A bit of a scold. But he minded his own business and — like Clinton during the dotcom bubble or Bush during the property bubble — he let speculators ruin themselves without raising an objection.
The trouble with Herbert Hoover was that he was too much of a nuts and bolts engineer. The public turned him out. They preferred Roosevelt’s confident malarkey. They wanted a man with a plan. No matter that the plan was claptrap. They’d never figure that out.
That’s the problem with Obama. He has no plan. He doesn’t know what is going on, or what to do about it. Which at least marks him as more intelligent than most of his challengers, who have the wrong idea on both counts. But neither brains nor competence is what the public wants now. In an emergency it wants Churchill, not Chamberlain. A Roosevelt, not a Hoover. It wants a bold liar. A hearty delusional.
Gingrich is their man. A letter in The Financial Times compared him to Churchill. He compares himself to de Gaulle. Both are correct, in our view. He is as humble as de Gaulle and at least as competent as Churchill. He is a cad who reportedly told his second wife that she was too old and too ugly to be a president’s wife. He is a scoundrel who took $1.8 million from zombie mortgage lender, Freddie Mac. He makes angels weep; the gods get their backs up. So cometh Newt Gingrich to the Republican race. If you’re dumb enough, you think he’s smart. If you’re corrupt enough, you think he is honest. If you compare him to the field of candidates, he doesn’t seem any more asinine than the rest.
He is incompetent, scalawag and jackass all in one package. A man for all seasons. Most importantly, he is committed to keeping America on course to its own destruction. The US already runs the biggest deficits in the developed world. Gingrich would add to them — by about $850 billion, according to one estimate. He hopes Reagan-era growth will eventually balance the books. He also thinks an Electro-Magnetic Pulse is one of the biggest dangers America faces. And he believes in American exceptionalism — as if the nation can dodge fate with some special math that applies to it alone. But if you begin asking questions about Newt’s pensee you are missing the point. America’s empire is decadent and degenerate. It needs a man like Newt to help it on its way… to where all exceptional empires end up — on the scrap heap of history.
Bill Bonnerfor The Daily Reckoning
Since founding Agora Inc. in 1979, Bill Bonner has found success and garnered camaraderie in numerous communities and industries. A man of many talents, his entrepreneurial savvy, unique writings, philanthropic undertakings, and preservationist activities have all been recognized and awarded by some of America's most respected authorities. Along with Addison Wiggin, his friend and colleague, Bill has written two New York Times best-selling books, Financial Reckoning Day and Empire of Debt. Both works have been critically acclaimed internationally. With political journalist Lila Rajiva, he wrote his third New York Times best-selling book, Mobs, Messiahs and Markets, which offers concrete advice on how to avoid the public spectacle of modern finance. Since 1999, Bill has been a daily contributor and the driving force behind The Daily Reckoning. Dice Have No Memory: Big Bets & Bad Economics from Paris to the Pampas, the newest book from Bill Bonner, is the definitive compendium of Bill's daily reckonings from more than a decade: 1999-2010.
Ron Paul for president!
“as if the nation can dodge fate with some special math that applies to it alone.”
but there is. it’s called “dollars for oil”. see, in 1972 kissinger went to riyadh and stated the obvious. the arab oil regimes cannot defend themselves from either outside invaders or their own people. only the american military can do that. and they would. in exchange the oil regimes are required to take dollars and only dollars in payment for oil. that’s the special math. dollars for oil.
and it’s still on. the oil regimes still cannot defend themselves from outside invaders. they still cannot defend themselves from their own people. the europeans cannot defend them. the chinese cannot defend them. only the american military can. dollars for oil is still on.
Come now, Bill- bankrupt entities tend to go bankrupt. And certainly you don’t believe that another four years of zero is any better. However, if we must crash before we can rebuild, wouldn’t you prefer that retreat and the ability to defend it, and perhaps a cow, goat, sheep or two?
gman: You’re discounting the possibility that after some brief turmoil, the region can find an equilibrium on its own, without having to be propped from outside. See for example the case of Iran which looked much better off before the dollars-for-oil deal.
Hezbollah is doing a good job of defending itself. Gingrich will not be president. Nor will attain his wet dream of “Leader of Civilisation (possibly)”. Obama has the Clinton machine at his disposal. They took apart Ol’ Newtie once and they can do it again.
OK smartypants. Then who? Is there anyone out there that can soften our fall?
Yes, BB, you’re correct almost 100% of the time, though what someone could argue is that you only see the negative things (not that it’s a bad thing that you do) and do not come up with any concrete solutions.
So, I’ll do it myself:
1.) BB president
2.) Ron Paul vice president
3.) James Grant at the Fed
4.) The Mogambo Guru as Sec. of Defense (I have no idea who he is though from the comments here I gathered he’s someone paranoid who lives in a bunker – and this seems fitting for the job)
Get real Bill.
Jon Corzine will never see jail time. The One Percenters are above the law here in the USA.
The Newt has had the peverse effect of making Elliot Spitzer look electable. Afterall, Spitzer has never been divorced, and at least when it comes to hookers, he would appear to prefer the very best money can buy. And when you get right down to it, that’s America’s main problem: We don’t want the best that money can buy, we much prefer the cheapest junk the Chinese can dump on us. Th end result is predictible; –the best are gone and now we’re stuck with Chinese made junk so low in quality that it would make a Soviet party member blush with admiration.
What are the prospects of the war?
A collapse would be devastating to millions. I don’t wish for this. Ron Paul 2012
Newt is right about one thing. EMP is the
most serious threat right now since the US is so unprepared for it. Brush up on EMP info and you will see that one nuclear weapon can
send us back 200 years.
Bill, thanks for taking up the slack for MG; since he won’t come out of his bunker or even send a message I’ve not had much to laugh about lately.
“the cheapest junk the Chinese can dump on us”?
Most junks are American companies marketed and designed; they are American products; they merely are made in Chinese factories. (95% profits go to U.S.)
Although, it betrays an anti-science bias, typical of busy-ness men or “fast thinkers” (see http://amzn.com/0374275637)
As we approach the next solar maximum, on the short cycle, there are those who are legitimately nervous about a long cycle event such as the solar storm of 1859, also known as the Solar Superstorm, or the Carrington Event, which occurred during solar cycle 10, was the most powerful solar storm in recorded history, and the largest flare, observed by Richard Christopher Carrington, became known as the Carrington Super Flare.
Regardless of who ends up being conductor of this train wreck it started to de-rail in 2005 and if you do the math it is impossible to avoid the collapse.
The worst thing that happened was China jumping on the fractional reserve bandwagon in partnership with the West.
The few states left who were not in the banking cartels influence we have either conducted humanitarian bomb strikes [Yugoslavia, Libya ect.] or are about to.
In any other country except Israel, comments such as those of Gingrich about Palestinians being terrorists and an invented people would mark him as a crackpot and would be dismissed as a leadership prospect.
It is a measure of Americas domination by unchristian powers that he is not. I mean it’s pure old testament stuff the way the USA behaves, and yet we on the outside are told some huge proportion of it’s citizens are Christians.
If this is true then how about a little less ‘an eye for an eye’ and a bit more insistence on ‘do unto others as you would have them do unto you’.
It’s not a bad philosophy.
bill i have now lost all respect for you? newt? over ron paul? wtf is wrong with you? i’ll now not even bother to read your articles. man i miss the mogambo!
The Mogambo Guru truly one of the best writers in the world. I really miss that guy and his posts. He made all of this economic downturn laugh out loud funny. Bonner is brilliant but many times his thoughts scare the heck out of me (for days) because I think he really does see ahead. I want to buy his book so my grandkids will have a map when this hits again in 70 years or so.
But the Mogambo balanced out this site and added a bit of lightness to it. We miss you big guy! Maybe after some time off you will come back. Or maybe your wife and kids offed you and you are buried in the back yard.
Can a formal embargo on oil exports and central bank of a nation be successfully achieved?
There’s a rumbling of the earth in a certain back yard. Mogambo may soon return in time. Be hopeful.
Has anyone considered that the gods may finally have had it with the USA? All our thrashings in the sty are to none avail. Quem Iuppiter perdere vult, prius dementat—quod omen avertat dii.
I like taking a shortcut, Vote for Newt.
Another great post, Mr. Bonner. The only change I would make is changing “roadie” to “toadie” in keeping with the season.
I must admit that Mr. Obama could not bring much fortune to the unemployed people in the country. His financial policies are not out of question as well.
I also think that someone with more precise knowledge and proven experiences of handling financial crisis with success, should be brought up.
Thanks for bringing the issue up.
The computer you are reading this with was made in China. The crap they make is no worse than the crap made in Japan or Korea.
You get what you pay for, as they say. If you want really expensive crappy crap, buy American.
“gman: You’re discounting the possibility that after some brief turmoil, the region can find an equilibrium on its own, without having to be propped from outside.”
and you sir discount the reality that almost no rulers anywhere think in regional terms. they think only in their own. for them “brief turmoil” means they no longer get to live lives of free luxury undreamt-of by all the roman emperors and the chinese emperors and the mongol khans put together in a drug-induced haze sir. they won’t have it, no sir, none of it. dollars for oil is still on.
that’s not to say there aren’t hiccups and dropped balls along the way. particulars don’t count, only the general program.
“The idea of the world’s authorities is not to solve the debt problem, but to make it larger.” – of course ! Their plan to destroy America is well underway – They create as much debt as they can for America and invest billions into the Far East and use their influence over the Far East to make it profitable for others to do the same with their money. The idea is to build up the East at the expense and destruction of the West. This is because these international bankers of London and New York have never considered themselves Western in the first place and they themselves originate from the East and hate the West. These Illuminati bankers of London and New York are the prophesied 2 horned, second beast of Revelations. (the First beast was the Catholic church whose wounded head is being healed by the second beast that now rules the world) They funded communism while sitting in New York pretending to the world that they oppose it and they funded Hitler while pretending to oppose it as well. If they cant get what they want from their corrupt politicians, they they create wars – EVEN WORLD WARS – to get what they want. What better way is there to rule the enemy than to weaken them by making them fight each other ? Once we are weak enough economically, then the East will invade.
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When investing in a private company, there are two kinds of investors: early-stage and later-stage. And while early-stage investors have more upside potential, they're also exposed to far more risk. Today, Matthew Milner explains how you can be a successful later-stage investor, and still make great gains, with much less risk. Read on...
In his recently released book, A Viennese Waltz Down Wall Street, Mark Skousen gives the Austrian School's take on what triggered the 2008 financial crisis - and why you should be wary of the artificial boom that's driving the recovery.
The Heartbleed bug is a massive security flaw that could put you and your personal information at risk. And while there are things you can do to limit the damage, you haven't yet seen the ramifications of this security disaster. The Internet in the post-Heartbleed world won't look like anything you've seen before. Mike Leahy explains...
As the U.S. "shale gale" nears its 10th birthday, it appears the America energy renaissance has outlived its critics. Still, it's natural to wonder whether all the big gains are behind us. Today, Matt Insley reveals the newest shale hotspot, and explains why there's still plenty of opportunity left in the U.S. energy boom. Read on...
The U.S., Russia, the EU and Ukraine all met in Geneva, where all sides agreed to halt all violence and provocations in Ukraine. But the news media are still taking an antagonistic stance toward Vladimir Putin and Russia. What gives? Today, Marc Faber explains the hypocrisy behind U.S. foreign policy... and the BS the news media are pushing about it...