The media has finally, once and for all, lost all credibility

Obviously the attempted assassination of Donald Trump represents a grim milestone on America’s path of decline, as I wrote about in detail on Monday.

But the legacy media’s response to it may also go down as a major turning point: the moment they finally lost all credibility.

Now, clearly for a long time the media has been full of Inspired Idiots who don’t care about reporting the truth. Instead, they push a narrative they want people to believe about the world and the events which shape it.

For example, CNN famously described 2020 Black Lives Matters riots as “fiery, but mostly peaceful.”

In 2021, when the governor of South Dakota banned biological men from participating in female sports, CNN promptly reported that, “there is no consensus criteria for assigning sex at birth.”

NBC News was caught in 2021 colluding with the Biden administration to downplay the criminal past deeds of Tracy Stone-Manning, who the President had nominated to lead the Bureau of Land Management.

Stone-Manning was an eco-terrorist in her youth who was involved in tree-spiking activities that kill or maim loggers. But NBC News promised to take it easy on her to help push her appointment through.

Also in 2021, however, NBC News (along with just about every other mainstream ‘news’ outlet) hyped unproven allegations against Supreme Court nominee Brett Kavanaugh that went back 30 years.

And when #MeToo protestors stormed the United States Capitol and accosted Senators in an attempt to disrupt and overturn the Kavanaugh confirmation hearings, the media did not label these protestors ‘domestic terrorists’, as they did with January 6 protesters.

The media circulated outright lies about the Russia voter manipulation hoax. And the New York Times was even awarded the ‘esteemed’ Pulitzer Prize for its reporting of this thoroughly discredited story.

It’s also notable that, even after the Russia collusion story was proven to be false, the Pulitzer committee REFUSED to rescind the award it had bestowed to the Time. Their logic, apparently, is that quality reporting about blatant lies is still worthy of journalism’s highest honor.

Then, of course, in the weeks before the 2020 election, nearly every legacy news outlet outright refused to report on the laptop of Hunter Biden. The younger Biden’s laptop not only showed deep character flaws, but evidence of significant corruption and foreign influence connected to his father.

And don’t even get me started on how the legacy media reported on COVID, lock-downs, and vaccines.

But now they’ve taken elevated their lies and propaganda to a whole new level with the way they have portrayed last week’s assassination attempt on Donald Trump.

These “journalists” witnessed in real time an attempted— and very nearly successful— assassination of a former President, upon which they reported:

Trump Escorted Away After Loud noises at rally” –The Washington Post

“Secret Service rushes Trump offstage after he falls at rally” –CNN

“Trump says he was shot in the ear at rally” -NPR

OK, let’s be extremely polite and give them the benefit of the doubt; immediately following the assassination attempt there were plenty of unknowns.

But even after the fog of war had been lifted— after it was clearly an attempted assassination— the Washington Post updated its headline to: “Trump safe after being rushed off stage following shooting at rally.”

In another article it said the assassin “shot at Trump,” not “shot Trump.”

Technically, that passes a fact check. But it’s sort of like describing Mount Everest as an elevated piece of land.

And the spin continued the next day.

Reuters ran an article titled, “Republicans, in wake of Trump shooting, seek to pin political violence trend on Democrats.”

This obviously ‘unbiased’ and ‘trustworthy’ news agency couldn’t simply report on the known facts of the attempted assassination. No, instead, their priority was to tell readers that it is the RIGHT, not the LEFT, that is full of violent extremists.

“A Reuters analysis of more than 200 incidents of politically motivated violence between 2021 and 2023, however, presented a different picture: In those years, fatal political violence more often emanated from the American right than from the left.”

Reuters didn’t actually cite a single example of this right-wing violence.

In fact, the only example of violence they did mention was the shooting of Steve Scalise, a Republican member of Congress who was gunned down (but survived) in 2017… by a Left-wing extremist.

So… in an attempt to prove its assertion that its readers should fear Right Wing violence, Reuters’ only example was an instance of a Left Wing extremist shooting a Right wing politician.

Genius!

And these Inspired Idiots in the media still can’t understand why nobody trusts them.

Days after the attempted assassination, the Associated Press noted that the left and right now have dueling conspiracy theories about the assassination attempt— that Trump staged it for clout, or that the Secret Service was in on it.

AP lamented, “Americans are increasingly choosing their own reality, at the expense of a shared understanding of the facts.”

Gee, whose fault is that? (remember, AP published the headline: “Donald Trump has been escorted off the stage by Secret Service during a rally after loud noises ring out in the crowd.”)

The attempted assassination of Trump was a rare event, in that it was broadcast in real time, and everyone could see exactly what happened with their own eyes from multiple angles.

And still the media tried as hard as possible to sell a completely bullshit narrative of the event.

What do you think they do with events that are not so clear, or are not caught on camera from every angle? How trustworthy are those “anonymous sources” they love to cite?

This is why the legacy media is becoming less trusted by the day.

It’s also why, despite Inspired Idiots owning the vast majority of broadcast media, they still haven’t been able to tip the scales decisively in favor of their own little cultural revolution.

Confronted with an event they knew would make their nemesis look strong and unbeatable, they resorted to cartoonish propaganda.

And I hope that proves to be the decisive moment for people to see them for what they are: liars.

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“Inflationary Forces”? Duh.

Jamie Dimon is the CEO of JP Morgan Chase, one of the world’s largest banks. And last week he issued a stern warning on the bank’s quarterly earnings call that “multiple inflationary forces” are still lurking.

File that one away under “duh”. It should be completely obvious to just about anyone paying attention to the world that many of the key drivers that rocketed inflation higher are still with us.

The Federal Reserve, of course, desperately wants to pretend that inflation is in the rear-view mirror, never to return. And they keep insisting that the downward trend of inflation justifies their interest rate cuts.

But as Mr. Dimon points out, “large fiscal deficits, infrastructure needs, restructuring of trade and remilitarization of the world” all create high risk of substantial inflation.

We agree with him.

“Remilitarization of the world”, i.e. conflict, is very expensive. The very nature of war means consuming vast quantities of resources to produce munitions that will destroy your adversaries’ resources.

Most governments don’t have the money to do this. The last time the United States was able to fund a war without going into debt was the Spanish-American War in 1898. Every other war, or even preparation for war, required significant additional debt… which ultimately resulted in printing more money.

So, in the end, warfare means more money in the system, but fewer resources. This is the very definition of inflation.

Dimon mentions trade disputes as well, which are also very expensive.

Free trade creates wealth. It allows countries and producers to specialize in what they do best, and trade for what other countries do best.

Germany is great at high tech manufacturing, pharmaceuticals, and various other industries. But they can’t produce bananas to save their life.

Fortunately, Guatemala exists. Guatemala has no high-tech industry. But they’re great at bananas. It’s a sensible trade.

When nations are in dispute with one another, trade breaks down and they start having to produce goods and services where they have no expertise.

Sometimes it works out; in one of their endless wars with France, Britain boycotted French wine… and in the process, accidentally invented port. But usually, such inefficiencies create a lot of inflation.

Dimon also mentions infrastructure needs. And that’s a massive understatement.

The US highway system is deteriorating. Amtrak is blowing money without any serious improvements. California is tens of billions of dollars over budget, and several years late, for a high-speed rail it promised from San Francisco to Los Angeles.

It doesn’t help that they put $1 trillion in the hands of an incompetent diversity hire like Transportation Secretary Pete Buttigieg.

All of this money will need to be conjured out of thin air by the central bank, which, again, is inflationary.

Lastly, Dimon also references “large fiscal deficits”, which is putting it politely.

We’ve said it many times— the government’s own internal projections expect an extra $22 TRILLION in deficit spending (i.e. new debt) on top of the $35 trillion national debt, over the next decade. Most of that will come within the next five years.

Deficits are inflationary, as we have seen over the past few years.

To be fair, there are some potential deflationary forces as well.

Increases in productivity are very deflationary. Technology, driven by artificial intelligence, could be monumental in improving productivity and keeping prices down.

Yet there are also a lot of people in government (and even within the AI industry), trying to slow down development and hold back AI.

Capitalism— which encourages competition to offer the best quality goods and services at the lowest prices— is also deflationary.

Unfortunately, many people in power despise capitalism and rail against it as racist, misogynist, or bad for the planet.

Even the President of the United States constantly moans about America’s most successful companies, claiming that their “greed” is an evil force keeping inflation high and prosperity low.

It’s quite ironic that a man who refuses to step down and clings to the Oval Office is complaining that other people are greedy. Joe Biden is the embodiment of greed.

So, I’m not holding my breath that these deflationary forces, i.e. capitalism and AI, will be kicking in anytime soon to counteract the negative effects of deficits, conflict, etc.

This is why we continue to anticipate higher inflation down the road.

Where I disagree with Jamie Dimon, however, is that I don’t think the Fed is going to do anything about it.

In theory the Fed should be holding interest rates at higher levels… or even increasing interest rates. This is the normal tool they use to reduce inflation.

But the Fed has 35 trillion reasons to not raise interest rates.

At $35 trillion, the US national debt is simply too high for interest rates to remain where they are right now.

This year alone, the US government has to refinance $6 trillion worth of debt that is about to mature. Refinancing the debt means having to pay a much higher rate of interest… easily 3% higher than in the past.

That’s a whopping $180 billion per year in additional interest costs that the Treasury Department is going to have to pay. And they’ll pile on even more interest expense next year and the year after that.

Uncle Sam simply cannot afford that bill. The Treasury Department needs rates as close to zero as possible in order to not go bankrupt. And that’s going to mean LOTS of inflation.

The Fed knows the risk. But they’re going to have to choose between inflation… versus a full-blown meltdown of US government finances, and, by extension, the US financial system.

Inflation is the obvious choice.

My guess is that they’ll just come up with some new way to calculate the CPI to pretend that inflation is lower than it actually is.

The Inspired Idiots will start claiming that the CPI is rooted in racism and demand a new inflation metric that takes into account some DEI nonsense. And poof, the inflation rate will magically plummet.

Regardless of what tricks they come up with, in such an environment, it makes sense to own critical resources that the Federal Reserve cannot conjure out of thin air. And these are real assets.

Real assets retain or even grow their value when faced with inflation. And the added benefit is that many of them are dirt cheap right now.

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America’s adversaries cannot believe what they’re seeing.

Rarely are events recognized in real time as obvious historical turning points.

The attempted assassination of Donald Trump is one of them, and it will go down as a clear marker in the history of America’s decline.

It epitomizes the chaos and disorder that characterize the current state of affairs. And it escalates a sharp divide in American politics.

Of course, this isn’t the first attempted Presidential assassination. But it marks a new era where political tensions have moved clearly into political violence.

We’ve been watching it all year with the anti-Israel protests. We saw it during the BLM riots. Now it has escalated to political assassination.

A bullet came within centimeters of ending the life of a former President, and top contender for the highest political office in the land. It would have been an extremely violent death, live-streamed from hundreds of phones and cameras.

Trump survived, but at least one rally attendee is dead. He’s dead because he went to a political event to support his chosen candidate for democratically elected office. And someone decided that instead of allowing voters to decide our country’s future, he would use violence to alter the political landscape.

Is it really hard to understand what would push someone to such extremism?

For eight years, the media has been telling people that Trump is Hitler and represents an existential threat to humanity.

The clear implication of their fear-mongering is that extreme measures are justified.

And in the hours after Trump was shot, the media continued its shameful miscarriage of its duty.

CNN declared, “Secret Service rushes Trump offstage after he falls at rally,” and “Trump injured in incident at rally.”

Even after it became obvious that a bullet struck Trump, and that it was clearly an assassination attempt, the Associated Press, CNN, NBC and others continued to run with headlines with some variant of, “Shooting at Trump Rally.”

NPR’s headline read, “Trump says he was shot in the ear at rally”. Note the wording: “Trump says”, as if this was just another wild, unverified claim from the former President that needed to be run past one of their holy fact checkers.

This might seem like a subtle point to harp-on given the momentous event. But it’s not. It’s part of the decay in American institutions. The media spins, spins, spins, even in the moments after their number one target, the man they demonized above all, got shot.

And that’s also why the well-wishes from Trump’s political rivals ring hollow.

It’s one thing to criticize someone’s policies, or explain how you believe their actions or leadership will make the country worse.

But it’s hard to deny that the left’s extreme histrionics in exaggerating the existential risks of a second Trump presidency is at least partially to blame.

I think much of the blame also falls on Joe Biden.

Remember, this is the guy who promised to unite the country and “restore the soul of America”. Bang up job, Joe. Instead he has deepened divisions, to the point that ideological fault lines in America are far worse than they were four years ago.

And that says nothing about his record on inflation, national security, global security, the border, and more.

The majority of Joe Biden’s own party doesn’t want him to run. But he insists he is staying in the race. The left is terrified. They know they cannot win. If Biden had bowed out, they’d have some chance. But with Biden, they have zero chance.

So it’s not surprising that some deranged foot soldier— feeling a sense of desperation and inevitability about Joe Biden losing the election— took it upon himself to eliminate Donald Trump.

Much has been written on the Internet these days about the poor security at the event as well. But we shouldn’t be surprised about that either. Remember, Joe Biden picks his people based on diversity & inclusion credentials, not actual talent. And that includes the Secret Service.

But just to give you an idea of just how spectacularly bad the security was—

If you look at a satellite image of rally site, you’ll see there are six structures with elevated rooftops (i.e. at least 3-5 meters in height) which had a clear line of sight to where Trump was speaking.

That means those six locations were high-risk vulnerability points that the Secret Service should have sealed off from the moment they showed up to the venue.

Instead they were wide open. And the shooter positioned himself at the CLOSEST one, less than 150 meters away. This failure to include such a tactically important position within the security perimeter is beyond inexcusable.

There are plenty of videos floating around showing crowds of people shouting at the cops, informing them of the shooter’s presence on the rooftop. But law enforcement didn’t react in time.

Is anyone really surprised? Don’t we remember the Uvalde school shooting in Texas, in which a deranged madman was murdering children, and the cops stood around and did nothing?

The escalation of political violence is deeply disturbing. But the sheer security incompetence of the incident is another national humiliation, on the order the disastrous withdrawal from Afghanistan. America’s adversaries cannot believe what they’re seeing.

So where to from here?

Well, the Left has already tried everything to keep Trump out of power. They tried disinformation and the Russia collusion hoax. They tried impeachment. Twice. They tried full-blown lawfare. They tried to throw him in jail. They even tried to remove him from the ballot. Nothing worked.

And, now, someone has even tried to take him down with a bullet.

I don’t even want to think about the potential chaos had the bullet been an inch to the left, and it had been Donald Trump’s brains as opposed to his blood spilling onto the stage.

But he survived, and the Left is completely desperate now. Voters are soon going to choose between an enfeebled old man who can’t complete a sentence, versus a guy whose his first instinct after an attempted assassination is to show strength.

It’s pretty obvious which image America needs to project right now. And for all of their talk of saving democracy, the Left is terrified of allowing the voters to choose. All of their grand plans have failed… one after another. They know they’ll lose.

I think the only other tricks up their sleeve are:

(1) Joe Biden has an ‘accident’ (which might be blamed on some MAGA guy, just to get everyone riled up), and they replace him with a viable candidate;

(2) Rampant voter manipulation.

I’m not holding my breath for the third option, i.e. they allow voters to freely make up their own minds. The Left is fanatical, and as the assassination attempt shows, they are willing to do anything to accomplish their goals.

Trying times indeed. It’s clear that having a strong network of trustworthy, like-minded people is becoming more important than ever.

 

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Inspired Idiots: 2 Examples of the Left Losing Control

Recently, we noticed a few examples of obvious contradictions to the left’s narrative. Here’s the hypocritical, the counterproductive, and the tone-deaf stances they’ve taken, just in the past week.

Carjacker Shot By Justice Sotomayor’s Security Outside Her DC Home

Earlier this week, 18 year old Kentrell Flowers attempted to carjack a man he apparently didn’t know was a US Marshall guarding the Washington DC home of Supreme Court Justice Sonia Sotomayor.

The teenage perpetrator was shot in the face four times by the Marshall, while a different federal Marshal sprayed bullets in his direction, but missed. Kentrell, however, survived, and was arrested.

It’s hard to ignore the irony that the crime wave enabled by leftist prosecutors and judges has shown itself on the doorstep of one of the most leftist judges in America. But the irony goes deeper than that.

Sotomayor was protected by a man with a legal gun, against a teenager with an illegally acquired gun, in a city with some of America’s strictest gun control laws.

It’s notable that Justice Sotomayor has been a major advocate of gun control; in the case McDonald v. City of Chicago, she argued that governments should be able to restrict firearm ownership, and that individuals might not have a constitutional right to bear arms.

She also argued in New York State Rifle & Pistol Association Inc. v. Bruen that New York should keep its strict gun control measures.

If Sotomayor had her way, no one in crime-ridden DC would be able to defend themselves… unless, of course, they had the privilege to be guarded by an armed US Marshall.

 

Is This How You Protect Democracy?

Chuck Todd is the Chief Political Analyst for NBC news. This week, he revealed that a member of President Biden’s cabinet told him Biden was mentally unfit for office… two years ago.

That’s an interesting time-line for a “journalist” to break an exclusive story about someone in the highest echelons of the Biden Administration revealing that the sitting president was unable to perform his duties due to cognitive decline.

Yet Todd apparently missed the irony of his own silence as he said, “It’s the classic open secret… It’s the story everybody knows, and that everybody was afraid to talk about.”

But now that everyone saw it for themselves in the debate, Chuck Todd feels comfortable jumping on the bandwagon to oppose Biden.

Is this really considered serious journalism? Hiding a real scoop to protect a political party, and only going public when it becomes the popular thing to do?

Then there’s George Clooney, who in an opinion piece for the New York Times, wrote that he knew at a fundraiser he headlined for Biden on June 15 that Biden’s mental capacity was gone.

A month later, after the tide has safely shifted against Biden, Clooney decided it was time to express the extremely safe and mainstream view that Biden should step aside. Such bravery! Such integrity!

The journalists who were present at the June fundraiser also apparently didn’t feel the need to report President Biden’s obvious signs of decline to the public.

Meanwhile, two Democrat operatives from academia have game-planned a “Blitz primary” whereby the new party nominee will be selected by a handful of party elites. To protect democracy, of course!

And major donors to President Biden and the Democrats, such as Disney heiress Abigail Disney, say they will withhold funds from the party until President Biden is replaced.

Because nothing screams democracy like a group of wealthy elites forcing the democratically elected candidate to step aside!

But Ms. Disney took it one step further by suggesting that it’s also racist and sexist to NOT replace Biden.

“We have an excellent Vice President,” Ms. Disney said. “If Democrats would tolerate any of her perceived shortcomings even one tenth as much as they have tolerated Biden’s (and let’s not kid ourselves about where race and gender figure in that inequity)… we can win this election by a lot.”

But perhaps the most hilarious part about this all is the left freaking out about getting a taste of its own medicine.

Chuck Todd, for example, said Democrats are frustrated with Biden’s refusal to admit their concerns about his mental fitness are valid.

“He’s attacked his own party members without simply acknowledging, ‘I get it. I understand why you’re concerned.’”

Welcome to the party! These same party elites who gaslit everyone else for years over vaccines, Covid lockdowns, masks, Trump, and Joe Biden, are now complaining about being gaslit themselves.

But regardless, there is still about a 50% chance that these are the people in power when the dust settles this November. That’s a good reason to have a Plan B.

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3 real assets primed for growth in the coming inflation bonanza

Today’s inflation report showing ‘only’ 3% inflation, the Federal Reserve is all but guaranteed to start slashing interest rates.

The Fed Chairman essentially promised as much to Congress earlier this week, and has warned that if they don’t start cutting interest rates soon, “we could undermine the [economic] recovery.”

These guys still don’t get it. At this point it’s not even about 3% inflation (which is still too high) or 2% inflation. It’s about prices going back down to pre-pandemic levels… or just lower in general.

But that’s just never going to happen. The Fed doesn’t care about price reductions; they’re happy with a slower rate of price increases… which is totally out of touch with what people want and need.

They’ve been itching to cut rates for months… almost desperate. And in large part that’s because they’re terrified about the US government’s insolvency.

The national debt is about to pass $35 trillion. And high interest rates mean that the annual interest bill this year will exceed the US military budget– more than $800 billion– for the first time in nearly 250 years of American history.

The Fed knows that they have to slash interest rates as quickly as possible. With ultra-low rates (like 1.5%), the interest bill on a $35 trillion national debt is manageable… as long as the federal government can rein in spending and stop the debt from growing further.

Of course there are two key problems with this thinking:

First, there is zero evidence that the government will rein in spending. If anything, they seem primed to spend even more. I’ve mentioned several times before that even the US government’s own budget forecasts project more than $22 trillion in additional debt over the next decade.

Second, slashing interest rates will most likely result in significant inflation– just like we saw in 2021-2022.

We’ve written before how real assets are a safe haven from inflation, and I wanted to briefly discuss three real assets that look especially promising.

The first is physical gold and silver, which serve as a store of value– especially during inflationary times.

Higher inflation will likely trigger a surge in demand, making the price of precious metals not only keep up with inflation, but exceed it.

But there is another reason why gold will do especially well the worse inflation gets.

The worse inflation becomes, and the worse the US national debt becomes, the more likely the US dollar will lose its spot as the dominant reserve currency. And central banks all over the world– India, Poland, Singapore, etc. have been feverishly buying up physical gold over the past few years, most likely to prepare for that potential change.

So if inflation picks up, it’s a good bet that central banks will keep buying up gold– and driving prices higher.

Gold mining stocks should also do extremely well in that scenario due to their exposure to gold prices.

What’s interesting right now, though, is that despite gold being near an all-time high, share prices of many gold mining companies are incredibly cheap.

That’s because central banks– which have driven gold prices to record highs– only buy physical gold bullion. They do not buy gold stocks.

However, while the price of gold has already increased substantially, the stock prices of many great gold miners has not.

This is because most of the current demand for gold is coming from central banks. And central banks only buy physical gold— not gold mining stocks.

This means that gold stocks are currently a bargain– with a LOT of upside potential.

Last, US natural gas is another compelling real asset primed for huge growth.

Right now, natural gas prices in the US are dramatically lower than they are in Europe… and it’s easy to understand why: the US has some of the biggest natural gas reserves in the world, while Europe has almost nothing by comparison. (This is why Europe is so reliant on Russian gas).

And since Joe Biden has banned new LNG (liquefied natural gas) export terminals from the US, it’s difficult to move that US natural gas to Europe.

This is why prices in the US are less than $3, versus more than $10 in Europe. If US producers were free to export, prices in the US would rise, prices in Europe would fall, and the global natural gas prices would be more or less the same, similar to oil.

In terms of energy equivalence to oil, $3 per million BTU natural gas is the equivalent of paying around $15 – $20 for a barrel of oil. That’s cheap. And it means US natural gas is the most underpriced conventional energy commodity in the world.

But it probably won’t stay that way for long.

First, large tech companies, which are building massive, energy-hungry AI data centers, are also looking at putting in their own power plants… which will most likely be powered by natural gas.

Second, the new export terminal ban probably won’t last. There are lawsuits, legislation, and an upcoming election, any one of which could restart new LNG exports. When this happens, US natural gas prices could quickly rise.

In either case, natural gas producers stand to benefit substantially from higher prices. And it just so happens that shares of many of the best quality producers right now are laughably cheap, with low multiples relative to earnings, book value, and Free Cash Flow.

Looking at the overall investment landscape now, with many conventional stocks and indexes near all time highs, these three sectors strike me as some of the most promising investments for an inflationary environment.

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Boots on the ground in the world’s Bitcoin paradise

[Editor’s note: This letter was written by Schiff Sovereign’s CEO, Viktorija Simulynaite, who is on the ground in El Salvador.]

The first thing my driver said to me after I got off the plane in El Salvador was, “Welcome to my country. It’s very safe here now.”

I chuckled to myself because this seemed like such an odd greeting. But the more time I spent mingling with locals in El Salvador, the more it made sense.

The transformation that has taken place in the country over the past five years cannot be overstated.

Five years ago El Salvador had one of the highest murder rates in the world. It was basically a war zone. Gangs such as MS-13 and Barrio 18 were far more powerful than the government, and they enforced their own laws in their respective territories, sort of like the Taliban in Afghanistan.

The country’s young president, Nayib Bukele, put an end to all that when he was elected in 2019.

Bukele invoked emergency powers and arrested more than 100,000 suspected gang members, then shipped them off to a special prison far away from the rest of society. In a country of 6.3 million, that amounts to over 1.5% of the entire population that’s now locked up.

It was a controversial move to say the least… and I wonder about innocent people who may have been wrongfully imprisoned.

But El Salvadorans seem quite happy with the results; today their country boasts a lower homicide rate than anywhere else in the Western Hemisphere aside from Canada.

Simultaneously, El Salvador also put itself on the map by being one of the first countries in the world to get behind crypto; they even made Bitcoin legal tender and passed a number of pro-crypto tax incentives.

Those are pretty much the two things that El Salvador is known for these days– putting tens of thousands of criminals in jail, and Bitcoin.

But I was pleasantly surprised to find out that the country has so much more going for it.

This was a place that was scraping the bottom of the barrel just a few years ago. Even aside from the crime problem, the economy was in the dumps. Corruption and bureaucracy ruled the day, and debts were rising.

In just a few short years, however, El Salvador has managed to turn itself around, and the economy has taken off.

It’s not an accident. The government has slashed bureaucracy and established a number of incentives to bring in foreign capital and businesses.

One is the recently passed International Services Law, which offers significant tax incentives to service-based businesses, similar to Puerto Rico’s famous Act 60.

El Salvador’s law, though, is perhaps even more generous than Puerto Rico’s because it includes exemption for import duties, income taxes, municipal taxes, and more.

Service industries like call centers, data centers, software development, and other back-office services are starting to be growing industries in El Salvador, and I met a number of foreign entrepreneurs who are starting businesses in the capital.

Foreign investment is flowing in, and you can see construction projects everywhere– the capital city is quickly becoming sleek and modern, and it completely defied my expectations. Even the restaurant scene is really great.

More importantly, there’s an optimism in El Salvador– one that I haven’t seen in Europe and North America for a long time. People feel like the worst days are over and the future will continue to be much brighter.

Now, all that said, I’m not trying to suggest that El Salvador is some perfect paradise or that anyone should move their business there. I’m really writing about it as a sort of case study.

We talk a lot about how governments and politicians and “inspired idiots” wreck their economies. They rack up massive debts and engineer painful inflation and higher energy prices… and generally make things worse with their every move.

But it’s fair to point out that sometimes governments do smart things. And El Salvador is a great example.

They knew they had to figure out how to turn their economy around. And rather than go down a destructive rabbit hole of wage and price controls, which are standard approaches for bankrupt nations, El Salvador’s government got out of the way and is allowing the free market to blossom.

The one thing they have done very deliberately is market themselves.

Advanced western countries don’t do this. Joe Biden doesn’t travel the world pushing foreign nations to invest in America. Rather, he takes America’s standing for granted and simply assumes that everyone wants to invest there.

El Salvador is a tiny country plagued by a bad reputation for its past challenges.

But rather than let that reputation fester, its leaders are hustling to promote their country all over the world with a clear message: El Salvador is open for business.

It’s fascinating to watch such a positive transformation unfold for an entire nation in real time– and to see politicians deliberately do the right things to foster economic growth.

Given how many Western countries are rapidly deteriorating from their own idiotic political decisions, El Salvador is an obvious example of how much better things could be if reason and sanity were restored in government.

Imagine what the US would look like if politicians were actually cooperating and hustling to bring in new business, to make smart investments, to embrace capitalism, or even to simply rein in spending and slash bureaucratic waste…

We’re planning a boots on the ground trip to El Salvador for members of our Total Access group (i.e. our highest tier premium members at Schiff Sovereign). It’s going to be pretty great.

We’ll be meeting with senior officials and business leaders and checking out, firsthand, what’s going on in the country so that our members can see the transformation for themselves.

We’ll also eat at some of the country’s nicest restaurants and tour the beautiful countryside. And we might even leave with an investment or two.

(We’ve already had Total Access trips to places like Cuba, Singapore, the Republic of Georgia, Uzbekistan, and more, so El Salvador fits perfectly.)

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Some thoughts on America for her 248th birthday

When the 56 delegates to the Second Continental Congress ratified the Declaration of Independence 248 years ago tomorrow, they were creating much more than a nation. They were giving birth to an idea.

America, at its core, is an idea. And it’s one that ranks as one of the greatest innovations in the history of human civilization, right up there with the wheel, the steam engine, the printing press, and the Internet.

The idea of America wasn’t born in 1776, however. By then it had already evolved over thousands of years.

The ancient Greeks embraced individual liberty, direct democracy, and a respect for the rule of law.

The Roman republic further refined Greek democracy and developed a more professional legal code. The early Roman Empire embodied peace through strength, ushering in nearly two centuries of geopolitical stability and economic prosperity under the Pax Romana.

The later Byzantine Empire fused Greek and Roman ideas with Judeo-Christian values. And by 1000 AD, the Republic of Venice– borrowing from Rome’s republican form of government– infused an early form of capitalism to this model.

The Dutch republic of the 1600s refined the concept of a powerful, free, capitalist society even further, as did philosophers like Rousseau, Montesquieu, John Locke, and Adam Smith.

So, when the Founding Fathers wrote the Declaration of Independence (and subsequently the US Constitution), they didn’t have to start from scratch; they drew from a rich, 2,000-year intellectual heritage of the giants who came before them.

This means that America is ultimately a composite of the very best ideas that human civilization ever had to offer— and the combined concept was then elevated to unprecedented heights.

Nothing is perfect, and America wasn’t either.

But based on this idea, the United States became the world’s largest economy in less than a century and the dominant global superpower about 80 years later. That is an unparalleled achievement which no other superpower in human history has come close to matching.

It’s also worth pointing out that the majority of the world’s most important innovations, from airplanes and air conditioning to cell phones and chocolate chip cookies, were either born or perfected in America.

Again, none of this is an accident. America’s success is deliberate outcome from combining the best ideas from 2,000+ years of human civilization… plus some disciplined execution and a little bit of luck.

Obviously, America has weathered challenges as well. The Civil War. The Great Depression. The turmoil of the 1960s.

But its foundation of economic potential, plus a baseline of social cohesion and shared values, have always allowed the nation to overcome… and for the idea of America to persist.

The country is now at an undeniable crossroads, and it’s not just about a single election.

There are obvious signs of national decline: rising inflation, mounting debt, diminished global standing, a loss of government dignity, and stinging embarrassments like the shameful withdrawal from Afghanistan.

Even the idea of America itself is on the ropes; there are powerful forces within government, media, and the education system who seek to redefine America’s core principles.

Capitalism has been demonized and reinvented. Individual liberty has given way to a radical woke ideology. And the concept of limited government is almost a punchline at this point.

Still, there is a plausible scenario in which America’s best days are ahead.

If politicians embrace the principles that originally fueled the country’s prosperity—such as capitalism and laissez-faire productivity—America could experience an economic boom not seen since the Industrial Revolution.

By cutting taxes, slashing anti-capitalist regulation, and embracing the free market, the increase in productivity could be staggering.

This boom would lead to increased tax revenue, i.e. funds which could rebuild the military, secure the southern border, save Social Security, curb inflation, balance the budget, and chip away at the national debt.

As China buckles under the consequences of its central planning and upside-down demographic pyramid (brought on by its idiotic “One Child policy”), the United States could easily reassert its global primacy.

The dollar’s status as the global reserve currency would be unquestioned, and the world could see a new era of global peace and prosperity.

This is not a pipe dream. It’s a genuine possibility.

The other possibility is that the government does nothing to arrest America’s decline.

The debt continues to spiral further out of control. Rising deficits trigger painful inflation. Excessive regulation stifles economic growth, leaving the economy stagnant and performing far below its full potential.

Individuals are constrained by politicians’ incessant and debilitating rules about how to live, what to buy, and what to drive. The social fabric continues to tear apart with idiotic mandates, censorship, wokeness, gaslighting, and a hatred for capitalism.

Unfortunately, that is the road the country is presently on. Yes, it can be fixed. They can change directions. And we certainly hope that happens.

But as we used to say in the military, hope is not a course of action. That’s why we have a Plan B.

Having a Plan B is not being negative or pessimistic. It’s certainly not irrational. And it’s not unpatriotic.

The fierce individuality to NOT bow down to circumstances is exactly what has allowed America to persevere so many times before.

And taking sensible steps to preserve, protect, and defend what you have worked so hard to achieve in life is about as core of an American value as it gets.

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Shocker— the World Economic Forum is full of racist hypocrites

Tiffany Hart spent nearly a decade working at the World Economic Forum until she finally reached her breaking point in 2022.

“We don’t eat our own dog food,” she said of her former organization. “We [the World Economic Forum] promote inclusion and improving the state of the world and women’s issues but do the opposite.”

The Wall Street Journal released a bombshell account this weekend detailing dozens of instances and former employees, like Tiffany Hart, who spoke out about the WEF’s culture of racism, misogyny, and sexual harassment.

One woman (who was demoted after going on maternity leave) called the WEF “a psychologically violent institution” that has absolutely zero credibility to speak about women’s issues.

Jean-Loup Denereaz, formerly one of the organization’s most senior leaders, publicly humiliated a black woman on his team, and said, “What can you expect from a N–,” using the full word to her face and in front of other employees.

Another manager openly discussed in front of multiple employees how chocolate-covered marshmallows from Denmark used to be called “N- balls,” again, using the full word.

Female staffers say they were often groped by senior executives. Male employees routinely commented on their appearance and told them to lose weight. Young staffers were often propositioned and encouraged to have sexual relationships with VIPs.

Even three of WEF founder Klaus Schwab’s former assistants say he personally made routine sexual advances.

Gee, what a surprise: the creepiest megalomaniac in the world is complete hypocrite!

But of course, rational people already knew this. Klaus Schwab and the WEF are the same guys who insist that “we” need to eat bugs and weeds to solve climate change… while they dine on filet mignon at their climate summits.

They want to ban to wood stoves and gas-powered vehicles, but they fly into Davos on their private jets— and don’t even bother to carpool!

These people force-feed us these quasi-religious beliefs about how we should live, what to think, and what to believe. They constantly howl about diversity and inclusion, women’s rights, etc.

It’s long been obvious, and now there’s even more proof: the World Economic Forum doesn’t actually stand for anything. They’re just a bunch of creepy, misguided, hypocritical racists.

Unfortunately they’re far from alone. This same cancerous hypocrisy pervades so many powerful institutions, including the government and media.

We saw this at last Thursday night’s debate: proof that virtually everyone in the media and in the party covering for Biden’s mental feebleness over the past four years has been lying.

It’s clear that they, too, stand for absolutely nothing.

And now these same people who claim to be so concerned about “democracy” are ready to disenfranchise their own voters and install someone like Gavin Newsom as the new candidate.

Newsom, of course, is another example of someone who stands for absolutely nothing.

Just the other day, Newsom gave California’s version of the State of the State address in which he compared his political opponents to literal Nazi fascists.

That’s such a common tactic for these people; their ideas are such horrendous failures that they cannot debate anything on the merits. Their ideas have no merit.

Under their watch, inflation is up, crime is up, the debt is up, border security is down, global security is down, etc.

Since they cannot claim success anywhere, their only ‘argument’ is to cancel and censor dissent, or to label their opponents Nazi fascists, white supremacists, or anti-science cave men.

What’s ironic is that someone like Newsom actually seems to know that there are problems, and he’s demonstrated that he can fix them.

When Chinese President Xi Jinping met Joe Biden in San Francisco last November, Gavin Newsom somehow found the ability and authority to clean the place up. For a few days, there were no homeless people on the streets, and San Francisco was the safest big city in the world.

But then as soon as Xi left, he let the streets go to shit again.

Clearly he knows how to solve the problem. He’s choosing to not solve it… while simultaneously claiming to care so much about the voters and streets and the cities. Again, the guy stands for nothing.

Like most institutions of the Left, the only thing they stand for is that they should be in charge.

Meanwhile, the problems pile up. Illegal immigrants overrun the southern border. Deficits and the national debt surge. Inflation refuses to be tamed. Instability festers at home and abroad.

You’d have to be clinically insane at this point to actually think these people will fix anything. They are only going to make things worse.

This is especially true when it comes to economic challenges, mostly because the people in charge (especially on the Left) have NO understanding of the real world.

Many have never in their lives participated in the private economy. They’ve never had a real job or started a business. So they don’t have the foggiest idea how their idiotic policies will wage havoc down the road.

Obamacare is a great example: 14 years later, America has lower quality, more expensive healthcare, with less personal choice and more bureaucracy.

Yes, some people are better off. Most are worse off. Was it worth the cost?

Again, though, the Left can never justify their decisions with facts or successful outcomes. And that’s why, when people criticize or disagree, they resort to censorship, cancellation, de-platforming… Or just calling someone an anti-science racist caveman misogynist bigot.

Big shocker— it turns out they’re the ones who are the actual racists and misogynists. They stand for nothing but their own power.

And that is the whole reason why it makes so much sense to have a Plan B. And realistically, the chaos they cause is making that turn into Plan A pretty quick.

For example, people are starting to recognize that their endless runaway spending is actually a serious problem. $2 trillion deficits have quickly become the norm, and that has led directly to elevated inflation.

Yet as individuals we can mitigate inflation by investing in real assets— many of which are absurdly cheap right now and have major catalysts for growth.

The people in power are intent on raising taxes. Not just new wealth taxes and higher payroll taxes, but at bare minimum, raising taxes on the middle class by allowing the 2017 tax cuts to expire.

Yet there are many ways, as individuals, to legally reduce our tax rate, in some cases down to a flat 0%.

They are driving Social Security into the ground. But you can plan for your own retirement AND cut your taxes, with tax-advantaged retirement accounts.

They’re importing crime and refusing to prosecute criminals. But you can obtain a second residency or passport in a foreign country where you enjoy spending time. This way, you and your family will always have a place to go if the need ever arises.

These people have an overwhelming sense of arrogance, and will continue to double down on their failures.

They want us to think that they’re the ones in control… but nothing could be further from the truth.

Individuals have tremendous power to protect themselves from their destructive hypocrisy. It just takes a little bit of education and the will to take action.

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Their panic would almost be gratifying if it weren’t so ominous

The President is very sharp,” former congressman and MSNBC host Joe Scarborough told audiences not long ago. “Some NATO leaders have told me they were very surprised… because he is so sharp and he’s on top of everything.”

MSNBC further trotted out various guests and hosts, including Mika Brzezinski, to gush about Joe Biden’s sharpness and mentally agility.

Members of the President’s party also claimed that, in private meetings, Joe Biden was absolutely at the top of his game.

And the White House’s top propaganda officials, i.e. Anderson Cooper, Jake Tapper, and Rachel Maddow, all routinely praise Biden’s strategic foresight and supernatural ability to raise America’s position in global affairs.

Now all of a sudden the headlines read: “Panicked Dems look to replace Biden”, and “Biden must step aside”.

The CNN “analysts” last night were absolutely hilarious in their depressive response to the debate; a few of them were almost in tears about their guy’s pitiful performance.

And the New York Times this morning was full of editorials from Leftist lunatics like Thomas Friedman and Paul Krugman pleading that Biden bow out of the race immediately.

Funny. These are the very same people who have been insisting that Joe Biden hasn’t lost his edge. Now they want him to withdraw from the election.

The web of lies that they have been spinning for the past four years came crashing down hard last night. Everyone saw a mentally incompetent, enfeebled, confused man stammering and rambling devoid of any intellectual direction.

Even the rare occasions yesterday when he showed flashes of coherence, Biden had to resort to gas-lighting the American public in order to defend his record.

It was extraordinary that he said, with a straight face, that nobody wants to “screw with America”.

Come again? It was only a few months ago that Iran launched missile strikes against US soldiers at bases in Iraq and Syria.

Deliberately attacking US military personnel is the DEFINITION of screwing with America.

He went on to insist that the rest of the world respects US leadership. He bragged about how great the US economy is doing, how prosperous people are, and how he’s taken steps to secure the border.

Of course, no rational person believes such drivel. Joe Biden has been a disaster from Day 1, and he was cognitively unfit far before he became President. But the rats in the media have been covering for him and propping him up from the very beginning.

Their latest lie is that Joe Biden has a cold, which apparently caused last night’s acute dementia.

Sure. Doesn’t everybody get a severe case of dementia when they catch a cold? I guess that’s what “science” tells us.

The New York Times further reported that, “Former President Trump’s attacks were frequently false, lacked context or were vague enough to be misleading.”

Of course there was no mention of Joe Biden saying anything false, vague, or misleading.

There was no “fact check”, for example, when Biden said that everyone respects America, the military is stronger than ever, that taxing the rich will solve Social Security’s bankruptcy, or that the Border Patrol endorsed him.

(While CNN and the New York Times didn’t bother to fact check Biden, the Border Patrol Union did announce on its X/Twitter account that “we never have and never will endorse Biden.”)

It appears now, however, that these media rats know their plan failed. No one can possibly believe their lies any longer, and the rats are deserting their own ship.

Their panic would almost be gratifying if it weren’t so ominous.

Now their attention is turning to who should replace Biden; ultimately this means that the party’s senior leadership will choose a new candidate.

Ironically, this is also the same party which moans constantly that “democracy is under attack.”

But hang on— this same party also deprived its own voters of a choice.

When Bobby Kennedy announced his candidacy to challenge Joe Biden for the nomination, they refused to engage and chased Kennedy out of the party.

In short, the party made sure their own voters did not have a choice.

Now, once again, they want to deprive voters of the opportunity to choose. Instead of holding primary elections, the party bosses will decide for everyone else who will be the Presidential candidate.

Sounds democratic to me, comrades!!

The ominous part is where this might go.

It’s obvious the rats have all been lying about Joe Biden in an attempt to prop him up as a serious candidate. Their endless river of deceit about his mental sharpness was proven to be blatantly false last night.

Now they’re already plotting to subvert the democratic voting process, yet again, and force a new candidate onto voters.

Frankly, I was surprised at how much discussion there was last night about the national debt, deficits, Social Security, etc. So, they obviously know that the US has serious, serious problems and is in decline.

But arresting that decline is not a priority. Their only priority is keeping one guy out of office, no matter the cost.

These rats have no morals and absolutely no regard for voters. And they’re willing to do whatever it takes to achieve their goal. Lies. Propaganda. Gas-lighting. Censorship. Cancel culture. Weaponizing the justice system. Knee-capping democracy. Whatever it takes.

I don’t know how far they’ll go or what destructive solutions they’ll concoct. But I do know that the most likely cost of their derangement is the continued decline of America.

That’s why it makes so much sense to have a Plan B.

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Comrade Lizzie is coming for your money again

Senator Elizabeth Warren gave another speech on taxes a few days ago proving, yet again, that she is coming for your money.

It’s always thinly veiled behind the refrain of making “the rich” (as defined in her sole discretion) pay their “fair share” (also defined in her sole discretion).

Frankly she’s been shrieking this refrain since before she even became a Senator. Yet for more than a decade she’s never once made her position clear. If anything, she keeps moving the goalposts.

Warren famously started by slamming billionaires, i.e. the top 0.1%. She then cast a wider net to the wealthiest 1%.

Later she derided the top 5%, claiming those evildoers should not be eligible for student loan forgiveness… or even Medicare!

And when she howls about “accountable capitalism” on her website, Comrade Warren trolls the the top 10% for having too much wealth.

This trajectory throughout her career shows an ever-expanding reach– from the top 0.1% to the top 10%. And it would be foolish to assume she’s stopping there.

Naturally Comrade Warren has no idea what she’s talking about.

For example, she ignorantly blames eye-popping federal deficits on tax cuts that go as far back as 2012– when then President Barack Obama made a compromise with Congress to extend the Bush-era tax cuts.

Warren claims, to this day, that “once Obama made that tax cut deal with [the other party], the federal deficit ballooned.”

I know Socialists aren’t great at math, but this is blatantly false. All you need to do is look at the Treasury Department’s own data.

The federal deficit actually FELL in 2013, i.e. the year after the Obama tax deal. Then it continued to decline in 2014… and in 2015.

In fact, if the federal government had simply frozen spending at 2012 levels, then the entire federal deficit would have nearly disappeared by 2016.

Instead, however, Elizabeth Warren and her merry band of Bolsheviks continued to find creative new ways to spend money. This is why federal spending has more than DOUBLED since 2012.

This is quite curious… because, despite a 2x increase in federal spending, America does not seem twice as secure against overseas threats. Infrastructure is not twice as robust. Public schools have not doubled their performance.

And if you look across all government performance– military readiness, customer service quality at the Internal Revenue Service, FAFSA student loan enrollment, Obamacare enrollment, Medicare efficiency– it’s ALL down.

One would be hard-pressed to come up with something that the government does BETTER today than it did in the past… except for racking up massive deficits.

I guess Elizabeth Warren doesn’t have anything to do with that, though.

She completely fails to see her own role in increased spending. She even fails to see how tax revenue has actually INCREASED since the tax cuts– because lower taxes promote a healthier economy.

Despite such overwhelming evidence, however, she STILL wants taxes to increase. She just doesn’t get it.

If high taxes were the key to a prosperous society, then Ivory Coast, with its record 60% tax rate– should be absolutely booming. And yet it is one of the world’s most impoverished nations.

But simple truths never stop the dangerous Bolshevik logic train.

Warren is now fighting against members of her own party who are negotiating an extension of the 2017 tax cuts.

And if you’re thinking, “Big deal, Lizzie is just one Senator, she can’t do anything on her own,” then think again. Warren is not alone. And more importantly, she has the power to hold everyone and everything hostage.

That’s because Congress and the next president don’t have to raise a finger for taxes to increase for most Americans in January of 2026.

Many of the individual tax cuts introduced by the 2017 Tax Cuts and Jobs Act (TCJA) are set to automatically expire at the end of 2025. So, in order to extend them, both chambers of Congress plus the President, whoever that might be, will have to take deliberate action to make it happen.

And Lizzie can easily hold up the process.

Thanks to Comrade Warren stonewalling her own colleagues, this is becoming more and more likely by the day. What are the implications?

For starters, the standard deduction will be reduced by nearly 50%, from $14,600 (for single filers) to approximately $8,000. So much for only soaking the rich.

There are a host of other provisions that will hit the middle class harder than anyone else. Yet Lizzie remains firm in both her resolve and her ignorance.

And again, she’s not actually alone.

Joe Biden has also proposed major tax increases: a 5% payroll tax hike, taxes on unrealized capital gains, a top rate to 44.6%, and various changes that substantially increase estate taxes.

Obviously, everything is on the table given the upcoming election in a few months. But we do know, no matter what happens, that there is a growing number of Socialist politicians who want to increase taxes… because no matter how much they collect, it is never enough for them.

This is why we encourage our readers to avail themselves of the many, completely legal ways of reducing their taxes.

For example, Americans who move to the US territory can qualify for special tax incentives that offer rates as low as 0% for eligible capital gains, and 4% total tax rate on eligible business profits.

By moving overseas, US citizens can take advantage of the Foreign Earned Income Exclusion (FEIE), which allows taxpayers living abroad to exclude up to $126,500 per year from US taxation (adjusted annually for inflation). Plus, you could exclude thousands more in housing costs.

Even if you stay where you are, contributing to tax-advantaged retirement accounts is a great way to legally optimize your current (and future) tax bill.

The larger point is that the tax code is full of ways to reduce what you owe and get ahead of any automatic tax hikes.

Unless you truly believe that you are getting your money’s worth from the ever-expanding US government budget, it makes a lot of sense to do everything you can to reduce your taxes.

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