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The Last Hawk Flew to Heaven

2 days ago

Sad moment. Paul Volcker, the former Fed Chairman went to Bank of Heaven. We are not reporting this news due to the implications for gold prices, but as an opportunity to reflect on changes in the central banking since the time of Tall Paul and on their consequences for the gold market.
Tall Paul Has Gone
A great man passed away. Literally. Paul Volcker – who died on Monday, probably due to prostate cancer complications, at 92 – stood 6 feet and 7 inches high, or more than 2 meters. But Volcker’s impressive height wasn’t the only thing he could boast of. Our Readers are aware that we are not fans of central bankers, but we have to admit that Volcker not only literally but also figuratively cast a long shadow across the Fed, standing out by both past and current standards.
First of all,

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The Prospects of Gold’s Next Upswing

17 days ago

The USD Index rallied on Friday, and gold responded with an intraday decline – that’s normal. What’s not necessarily normal is the size of the daily change in gold compared to the size of USD’s rally.
USD Index Bounces Higher

Namely, gold futures ended Friday’s session exactly where they had closed on Thursday. There was no daily change in gold, even though it – theoretically – should have declined given USD’s upswing. What does it mean? Gold’s resilience means that gold has probably not finished its short-term upswing yet.
The general rule for any market is that if it doesn’t move in the way it “should” move given what’s going on in the world, it means that – for whatever reason – it’s not the direction in which the market is going to move next. This trading technique doesn’t specify

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“You Stupid Gold Bugs! Trade War Risks Are Over So Sell Your Gold”

23 days ago

Jeff Clark, Senior Analyst, GoldSilver.comNOV 20, 2019

I was stupefied at what I was reading…
A Bloomberg article earlier this month reported that JP Morgan and Citibank were significantly reducing their gold positions or closing them out entirely. Based on the article, it seems they made this decision based on the flimsiest of changes in the market:
The US-China trade war seems to be easing up, which led to gold’s biggest weekly loss in three years
China didn’t buy gold last month, after doing so for 10 consecutive months
Gold imports to India have fallen four consecutive months, and are down 46% over the past year
Negative-yielding bonds globally dropped to $12.5 trillion, the lowest since July.
I’m flabbergasted that those were the reasons they closed out their gold positions. What

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Rick Rule on Gold

October 30, 2019

This article was originally published at Sprott.com

Gold and “The Prettiest Mare at the Slaughterhouse”

[embedded content]
Rick Rule, President and CEO of Sprott U.S. Holdings Inc., shares how the worldwide explosion of negative yielding debt shapes his bullish outlook on gold. He examines the impact that a “war on savers” has on the global financial system and on precious metals, and he shares his ideas on where inflation fits into the equation. Rule explains his outlook for the future of the monetary system by analyzing the evolving relationship between cryptocurrencies, precious metals, and fiat currencies.

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Global Industrial Slump and Brexit Dance Go On. Will Gold Bop?

October 30, 2019

The Brexit saga continues. Both the U.S. and China’s industrial sectors suffer from the trade war. How will the Fed react to these downside risks tomorrow? The expectation is that it’ll cut rates, but will that really happen? And how will gold take to that?
Brexit Dance Goes On
Last week, we wrote about the Brexit saga, diving into the latest battles between Johnson and Parliament. But the drama has not ended yet. As we concluded one week ago, “Brexit is far from over, and British politics may surprise us again.” Indeed, Johnson wanted to call a snap general election in December to gain more leverage in the House of Commons, but the UK parliament has rejected Johnson’s proposal. For the third time. But Boris does not like losing, so he proposed today a new bill that lowers the number of

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Gold, the Shining Star Among Commodities

October 24, 2019

Gold is the most effective commodity investment, yet it is under-invested, the WGC reports. What makes it special and deserving of our focus? And how to translate that focus into an appropriate allocation within one’s portfolio?
Gold is Unique Commodity. Or… Maybe Not?
Gold is often included into commodities. It seems natural, gold is a metal, after all. And just like other raw materials, it is used in the production of manufactured goods. But gold is much more than that. According to the recent report published by World Gold Council, there are six features which differentiate gold from other commodities:
Gold has delivered better long-term, risk-adjusted returns than other commodities;
Gold is a more effective diversifier than other commodities
Gold outperforms commodities in low

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The Duel Between Johnson and Parliament. Will Gold Win?

October 23, 2019

Boris Johnson struggles to push the Brexit agreement through the British Parliament. For it can bite back! Who wins this battle? One could hope that gold, but this is not so certain…
Johnson’s Struggle, Explained
On Thursday, the breaking news came out that the EU and the UK reached agreement on Brexit. The agreement scrapped the Irish backstop that had formed the bulk of the opposition to the former proposals. Naive who believed that it would change something! We have to admit that we thought for a while that finally the Brexit saga was coming to an end.
But the British government still has a long way to go! On Saturday, the Parliament voted for a change to the sequencing of the ratification of the deal. It means that they withheld support on Johnson’s Brexit deal until all the necessary

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Don’t Look Now, But India Is Loading Up on Silver

October 23, 2019

Jeff Clark, Senior Analyst, GoldSilverOCT 22, 2019

It’s quite possible that a new catalyst for silver is emerging.
It didn’t make a lot of headlines, but India’s silver imports have seen a big jump. So big that we need to talk about it, because if this trend continues it could have a sizable impact on the tiny silver market.
There’s a chart I want you to see, but first…
How Important is Indian Demand?
We all know that India is a big gold buyer. The country is the second-largest global consumer of gold, but there’s evidence they’re the biggest consumer of silver—some think it might be China, but their data is not always transparent.
Either way, India represents a bigger portion of global silver demand than most investors realize. Between jewelry, religious objects, and investment, one of

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The Caveman’s Diary 2019: “Gold Good… Stocks Bad… Get More Gold”

October 17, 2019

By Jeff Clark Senior Analyst, GoldSilver.com

A textbook in my Master of Psychology program theorized that most things in life come down to core drives—food, shelter, sex, etc. Throw in Freud’s pain and pleasure principals and this is supposedly what drives everything we do.
We had a good time poking fun of simplistic theories as to what motivates people. Human emotions and motivations are complex.
Except when it comes to money.
Our wallets are more often than not ruled by our most primal emotions, greed and fear, dating back to the days we huddled in caves. Despite all our sophistication and modern technology, most investors still think like a caveman/cavewoman when it comes to investing.

And what’s happening in the markets right now is so clear that even a caveman

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Gold, the Ultimate Safe Haven Asset. A Looming Nobel Prize?

October 15, 2019

Yesterday, the Nobel prizes in economics were awarded. Unfortunately, gold has been omitted and got nothing. How unfair! But looking at the Dutch central bank press release, gold would have much higher chances if they were the ones granting the prizes and not the Swedish central bank!
2019 Nobel in Economics and Gold
Yesterday was a big day! At least for all those boring economists and similar bean-counters. The Nobel Prize in economics was awarded. Abhijit Banerjee, Esther Duflo, and Michael Kremer became 2019 laureates for their experimental approach to alleviating global poverty.
Nice! But, dear Nobel Committee, we also have great ideas how to reduce poverty in the world. Just give everyone some gold! We know, that’s not the quick road to wealth, but whatever the current outlook, gold

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The Fed Grows Concerned – Should Gold Investors Do the Same?

October 11, 2019

The Fed released the minutes from its last meeting yesterday. What can we learn from the new light they shine on the U.S. monetary policy? How will it affect the gold market?
Minutes Show That FOMC Members Are More Worried Now
The minutes from the Sep FOMC meeting show that the Fed is more worried about the economy. The Committee members noted that downside risks had become more pronounced due to the increased trade conflicts, more intensified geopolitical uncertainty, and more fragile prospects for global and domestic economic growth:
Participants generally judged that downside risks to the outlook for economic activity had increased somewhat since their July meeting, particularly those stemming from trade policy uncertainty and conditions abroad. In addition, al­though readings on the

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Millionaire Technical Analyst Says This about Gold Right Now

October 10, 2019

By Jeff Clark Senior Analyst, GoldSilver.com

We don’t employ technical analysis that much, one reason being we’re buying gold and silver for what we believe will be a major shift in our markets, economy and currency. The strategy then, is just keep accumulating and preparing for that shift.
But I know someone who is very good at technical analysis. So good, in fact, he’s a multi-millionaire primarily from trading via technical analysis.
His name is Dominick Graziano, and we’ve become friends over the years. Despite our friendship, he absolutely refuses to tell me what I want to hear (gold’s going through the roof!). So I know when I get a chart from him that it will be dispassionate and solely about a trade he thinks will make him money. I also know I should probably pay

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Gold in the Negative Real Interest Rates Environment

October 7, 2019

Many believe that negative interest rates will never arrive to the United States. This can’t possibly happen here. The discussions of their theoretical benefits almost remind you of the not-in-my-backyard mentality. But this is not true – they are already present in America. Hard to believe it? Hiding in plain sight, let’s take it a step further and look at gold in the negative real interest rates environment.
 
Gold in the Negative Real Interest Rates Environment
Many people believe that negative interest rates are the ailment of Europe and Japan, and that they will never materialize in the United States. But this is not true. They are already present in America. Can’t believe it? Please take a look at the chart below.
Chart 1: Yields on the US 10-Year Inflation-Indexed Treasury in 2019

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Is Reserve Bank of Australia a New Friend of Gold?

October 1, 2019

Reserve Bank of Australia joined the chorus of easing central banks, cutting interest rates to record lows. Predictably, that sent the Aussie dollar plunging. Should gold bulls cheer this move?
Reserve Bank of Australia Slashes Interest Rates
The Reserve Bank of Australia has cut the official interest rate from 1.00 percent to 0.75 percent earlier today. As the chart below shows, the 0.25 percentage point moved the interest rate to a record low level, following cuts in June and July.
Chart 1: RBA’s cash rate target from February 2000 to October 2019.

Reserve Bank governor Philip Lowe explained the move as follows:
The Board took the decision to lower interest rates further today to support employment and income growth and to provide greater confidence that inflation will be consistent

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Gold among Negative-Yielding Bonds

September 21, 2019

Teaser:
The amount of global debt with negative yields soared to $16 trillion, or more than 25 percent of the market. Isn’t this economic madness? We invite you to read our today’s article about the negative interest rates and find out what they imply for the gold market.
Gold among Negative-Yielding Bonds
 The amount of global debt with negative yields soared to $16 trillion, or more than 25 percent of the market. This number has nearly tripled since October 2018. In July, even the 30-year German government bonds went negative for the first time ever, while Nordea Bank, a leading Danish bank, said it will begin offering 20-year fixed-rate mortgages with zero interest, as well as 30-year mortgages at minus 0.5 percent. Isn’t this economic madness? And what does it imply for the gold

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Carney Urges Libra-Like Reserve Currency to End Dollar Dominance

August 25, 2019

As per article authored by Brian Swint and published by Bloomberg News on Aug. 23, 2019:
Mark Carney laid out a radical proposal for an overhaul of the global financial system that would eventually replace the dollar as a reserve currency with a Libra-like virtual one.
Just a few months before he steps down as Bank of England governor, Carney offered his vision for the international economy at a time of sweeping change. Trade wars and the threat of currency wars are hurting growth and upending multilateral cooperation, while central banks are trapped in a low interest-rate world as they struggle to revive inflation.
“The combination of heightened economic policy uncertainty, outright protectionism and concerns that further, negative shocks could not be adequately offset because of limited

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Getting Nervous About the Stock Market? Here’s Your Antidote

August 14, 2019

By Jeff Clark Senior Analyst, GoldSilver.com

If you didn’t catch it, gold has passed the S&P 500 in year-to-date performance.
Through August 12, gold is up 18.1%, while the S&P has risen 13.8%. Silver is nipping its heels, now up 10.2% YTD.
But what is perhaps more significant is the one-year performance. It just might show that Wall Street is bailing on unicorns and blue-chip stocks and shifting into gold and silver…

Over the past 12 months, the gold price has risen 24.4%, beating all major stock market indices, along with some popular stocks.
Even Warren Buffet’s Berkshire Hathaway, the stock that famously outperforms the market most of the time, has lost value over the past year—as I tried to tell him, his stock would be better off if he’d bought some gold.

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Gold’s Breakout Could Mean Silver is on the Launchpad

August 7, 2019

By Jeff Clark Senior Analyst, GoldSilver.com

Gold and silver prices continue to push higher. They’re starting to get some attention from the mainstream, too.
A new uptrend in gold is clearly underway, but silver’s performance has so far trailed gold’s.
Let’s take a look at the price behavior over the past six-plus years of both metals to see if we can gain any insights about silver.
I plotted the annual trading range of the gold price since 2013, when most traders indicate the bear market in precious metals began. I also listed the dollar amount of change between the high and low each year.
Notice how the range has shifted higher this year.

Gold’s trading range has shifted markedly higher in 2019. Not only has the price broken above the flat range of the prior three

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Everybody Hates Silver!

July 16, 2019

Alexander Trigaux, Editor, GoldSilver.comJUL 16, 2019

Silver is not a four-letter word. But these days, “silver” is often preceded by one.
Seldom has sentiment surrounding silver been so universally negative. This chart from a dedicated metals analyst, and especially its title, sums up the prevailing view of silver today:

So what on Earth IS wrong with silver?
As in almost all cases of an intrinsically valuable asset that has underperformed other markets for a long period of time, the answer is absolutely nothing. It’s simply waiting its turn to come back into fashion, which all assets that have an intrinsic worth always do.
Gold Envy
Still, it’s one thing to be heavily allocated to silver if its big brother gold was also languishing. But gold has left silver behind… breaking out to

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Meet Mike Morrell—-Hillary’s Favorite Demented, Creepy CIA Warmonger

September 25, 2016

From DaisyLuther.com,
It’s really quite embarrassing on a global scale when members of our own government seem to be deliberately trying to pick fights with people who aren’t interested in fighting with us. If you’ve traveled outside of the United States much, you probably know that we Americans have a rather negative reputation off of our own shores. Now, generally speaking, that isn’t our fault as individuals. You and I don’t create headlines that make waves throughout Europe and Asia.
While average Americans aren’t directly responsible for this, our federal officials are. I’ve written recently about President Obama doing things in Syria that are worsening the conflict there. I’ve also written about the fact that he and Russian President Vladimir Putin are starting to butt heads. And finally, I’ve warned time and time again that war is upon us – and everyone knows but the US.
Michael Morell is the director of the CIA. Here’s a little blurb from Wikipedia about him.
Michael Joseph Morell (born September 4, 1958) is an American intelligence analyst. He served as the deputy director of the Central Intelligence Agency as well as its acting director twice, first in 2011 and then from 2012 to 2013. Since November 2013, he has been a Senior Counselor to Beacon Global Strategies LLC.

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The Donald’s Got A Nanny State Plan, Too—-Literally!

September 22, 2016

By The Detroit News

(Photo: Steven M. Falk / TNS)
Donald Trump the socialist is making sure voters don’t forget about Bernie Sanders. The Republican presidential nominee borrowed a concept from the former Democratic presidential contender in introducing a proposal to greatly expand the nanny state. Literally.
Trump wants to make the federal government the nation’s babysitter, offering a proposal to expand the child care credit and extend it to the upper middle class. And as a sweetener, he wants taxpayers to cover the cost for six weeks of maternity leave for women whose employers don’t offer the benefit.
Which ultimately will mean all new mothers, since employers are not likely to continue to cover the cost of a benefit the federal government is willing to pick up.
That basic reality is not factored into the projected cost of the plan. A Trump aide estimates the maternity leave portion would take $3.6 billion to implement. This new entitlement will inevitably soar to many times that estimate, as all others before it have.
And while the GOP’s presidential hopeful says he will pay for his plan by cutting fraud and waste from the unemployment insurance program — as if that ever happens in the federal government — it much more likely will be funded by even more deficit spending.

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David Stockman Interview: Why The Rule Of The Wall Street/Washington Elite Is Finished

September 21, 2016

Http://davidstockmanscontracorner.com/wp-content/uploads/2016/09/BML-Sept20-2016-DavidStockman.mp3
David A. Stockman became famous as President Ronald Reagan’s budget director in the 1980’s making history as the youngest cabinet member in the 20th century. Before winning his well earned nick name of “Father of Reaganomics” and his reputation of a tough negotiator with House Speaker Tip O´Neill , Stockman was a three time Michigan Congressman and recently wrote 
TRUMPED!: A Nation on the Brink of Ruin..And How to Bring It Back
In TRUMPED! A Nation on the Brink of Ruin… And How to Bring It Back, David Stockman brings us an insider-turned-iconoclast’s report on how 30 years of financial and political misrule by the Washington/Wall Street elites have brought the U.S. to the brink of ruin.
He shows that the Fed’s destructive ZIRP and QE policies have buried Flyover America in debt while clobbering it with shrinking real wages and vanishing job opportunities. At the same time, the bicoastal elites have prospered mightily from the massive inflation of financial assets in the Wall Street casino and the debt-fueled expansion of Imperial Washington’s domestic rackets and global interventions.
Source: David A.

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David Stockman Interview on Financial Myth Busting

September 21, 2016

By Dawn J. Bennett
How Washington Made Trump
America on the Brink. David Stockman, former OMB director & author of the best-seller “The Great Deformation: The Corruption of Capitalism in America,” on how the fed has hollowed out America’s economy, his prospects for a Donald Trump presidency, and his new book, “Trumped! A Nation on the Brink of Ruin … and How to Bring It Back”
Second Hour: The Apple vs. EU Showdown. John Browne, former member of Britain’s parliament and a member of the UK Independence Party, on the EU’s attempt to extort Apple for $15 billion, why Ireland doesn’t want the billions the EU says it’s owed, and how large international organizations like the EU undermine tax competition

http://davidstockmanscontracorner.com/wp-content/uploads/2016/09/20160918FMB1474217312.mp3(interview with David starts at 00:20:28)
Source: Financial Myth Busting with Dawn J.

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The House Intelligence Committee’s Terrible, Horrible, Very Bad Snowden Report

September 20, 2016

By BARTON GELLMAN

Late yesterday afternoon the House Permanent Select Committee on Intelligence released a three-page executive summary (four, if we count the splendid cover photo) of its two-year inquiry into Edward Snowden’s National Security Agency (NSA) disclosures. On first reading, I described it as an “aggressively dishonest” piece of work.

With a day or so to reflect on it, I believe it’s worse than that. The report is not only one-sided, not only incurious, not only contemptuous of fact.
It is trifling.
After twenty-five months of labor, the committee’s “comprehensive review” of an immensely complex subject weighs in at thirty-six pages. (None of which we may read, because it “must remain classified.”) I have graded college term papers that long. It is one more dispiriting commentary on the state of legislative oversight that the committee’s twenty-two members, Republican and Democratic, were unanimous in signing their names.
A reminder at the outset. I am one of four journalists (with Laura Poitras, Glenn Greenwald, and Ewen MacAskill) who received classified archives of NSA documents from Snowden. I am writing a book on the subject for Penguin Press. Feel free to consider, as you read this, that my stories in The Washington Post played a role in the disclosures that the committee is at pains to denounce.

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The Curse Of Ken Rogoff—–The War On Cash Is A Prelude To Government Default And Wealth Seizure

September 18, 2016

By Peter Diekmeyer
Ken Rogoff is by all accounts a brilliant man. The Harvard professor and former IMF chief economist is a chess grandmaster. His thesis committee included current Fed vice-chair Stanley Fischer. But like many survivors of Ivy League hoop jumping, the poor fellow appears to have emerged punch drunk.
That’s the only conclusion to be drawn from Rogoff’s new book, The Curse of Cash , which, in effect, proposes a ban on paper currency.
It’s terrifying piece of work, for several reasons.
First, the cashless society, which Rogoff proposes in order to make it easier for the US government to confiscate private wealth, in effect, amounts to an admission that Washington can’t pay back its debts.
Second, the fact that Rogoff uses the fight against “terrorism” and “crime” arguments in selling his proposals to the public – justifications which he as a mathematician should know are farcical – suggest that his arguments hide another agenda.
Third, and most important, is the fact that not only would banning cash not achieve Rogoff’s objectives – it could cause irreparable harm to the dollar’s role in the American economy and as a reserve currency.
Let’s look at these arguments one at a time.

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Bust In The US Shale Patch—–$36 Billion Of Negative Free Cash Flow In The Bakken

September 18, 2016

The Death of the Great Bakken Oil Field has begun and very few Americans understand the significance.  Just a few years ago, the U.S. Energy Industry and Mainstream media were gloating that the United States was on its way to “Energy Independence.”
Unfortunately for most Americans, they believed the hype and are now back to driving BIG SUV’s and trucks that get lousy fuel mileage.  And why not?  Americans now think the price of gasoline will continue to decline because the U.S. oil industry is able to produce its “supposed” massive shale oil reserves for a fraction of the cost, due to the new wonders of technological improvement.
I actually hear this all the time when I travel and talk to family, friends and strangers.  I gather they have no clue that the Great Bakken Oil Field is now down a stunning 25% from its peak in just a little more than a year and half ago:

The mighty Bakken oil field located in North Dakota reached peak production in December 2014 at 1.26 million barrels per day (mbd) and is now down to 942,000 bd.  This decline is no surprise to me or to my readers who have been following my work for the past several years.
I wrote about the upcoming crash of the Bakken oil field in my article (click here to read article [5])– Published, NOV.

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Deconstructing The 5.2% Median Income Gain—-More BS From The Washington Statistical Mills

September 16, 2016

By Dave Cohen

When I learned yesterday, 55 days before the 2016 election, that the Census Bureau and the White House had announced an historic leap in real (inflation-adjusted) median household income, my bullshit detector went into the red, went right off the scale and then ceased functioning. I’ll have to get a new one 
Look at that jump! The biggest since 1967 when record keeping began.
How fucking likely is that?

My first clue appeared in the Los Angeles Times.
The clue is circled. Redesigned income questions?
And while I’m quoting the Los Angeles Times, there is this—
Obama, stumping for Clinton at a campaign event Tuesday in Philadelphia, did not pass up the moment to spotlight the census report. Obama said the uninsured rate was the lowest on record as was the pay gap between men and women.
“So, now, let’s face it; the Republicans don’t like to hear good news right now,” Obama said. “But it’s important just to understand this is a big deal. More Americans are working, more have health insurance, incomes are rising, poverty is falling, and gas is $2 a gallon. … Thanks, Obama!”
Keep those gasoline prices in mind. OK, this time I searched for “redesigned income questions” and found exactly one article at the New York Post. That’s not the New York Times. No, that’s the New York Post. (I added the links.

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Detroit Didn’t Get The Donald’s Memo——-Fiat Chrysler to End All US Car Production, Ford Sending Small Cars To Mexico

September 15, 2016

By Greg Gardner and Brent Snavely
[embedded content]
Ford announcements today range from shifting much of their North American production to Mexico and their enthusiasm for self-driving cars in the future. USA TODAY

CEO Mark Fields told investors the move is part of plans to make production simpler and less expensive

(Photo: SAUL LOEB, AFP/Getty Images)

Ford plans to eventually shift all North American small-car production from the U.S. to Mexico, CEO Mark Fields told investors Tuesday, even though the company’s production investments in Mexico have become a lightning rod for controversy in the presidential election.
“Over the next two to three years, we will have migrated all of our small-car production to Mexico and out of the United States,” Fields said at a daylong investor conference in Dearborn.
The news sparked a fresh round of criticism of Ford from Republican Presidential candidate Donald Trump, who was campaigning in Flint on Wednesday.
“We shouldn’t allow it to happen. They’ll make their cars, they’ll employ thousands of people, not from this country, and they’ll sell their car across the border,” Trump said during his visit. “When we send our jobs out of Michigan, we’re also sending our tax base.”
The impact on Ford’s U.S. employment will be minimal in the near-term. Ford already builds the Fiesta subcompact and the Fusion mid-size sedan in Mexico.

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Inside China’s Tower Of Debt—–Why Default Is Inevitable

September 15, 2016

By Mani
China Debt Default? To alleviate its debt problem, China should adopt appropriate macro-economic policies encompassing currency depreciation and cutting interest rates to an ultra-low-level within two to three years, believe Nomura analysts. Yang Zhao and team said in their September 14 research piece titled “China: Solving the debt problem” that they believe RMB depreciation will continue and forecast USD/CNH at 7.1 at the end of 2017.
China Debt Default – China should join ultra-low interest rate club
Also see the Big Short II – hedge funds bet on major fall on yuan
Zhao and colleagues highlight two stylized “facts” which haven’t been properly understood: high debt versus low leverage and the ever-rising M2-to-GDP ratio, which has been growing for over three decades, except during 2004 to 2008. The analysts argue that China faces a debt problem, but not a leverage problem. They highlight that while the country’s debt-to-GDP ratio is breathtakingly high, its corporate debt-to-asset ratio is generally low. They attribute the low leverage ratio largely to fast-growing asset values, driven by fixed asset investment and rising property prices.

The Nomura analysts estimate that China’s non-financial sector debt stood at RMB158.5 trillion, or 231% of GDP by the end of 2015, mostly owned by the corporate sector.

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The Wisdom Of John Quincy Adams——A Republic, Not An Empire

September 13, 2016

By Jacob G. Hornberger
The following is a modified version of the speech I delivered at the Ron Paul Institute’s “Peace and Prosperity” conference in Virginia on September 10, 2016.
On the Fourth of July in 1821, John Quincy Adams delivered one of the most remarkable speeches in American history. The speech is entitled, “In Search of Monsters to Destroy.” In his speech, Adams described America’s founding principles on foreign policy. He pointed out that there are lots of bad, monstrous things that go on in the world — dictatorships, tyranny, famines, starvation, wars, discord, corruption, and the like. America, however, does not go abroad in search of such monsters and attempt to save people from them. Instead, Adams said, Americans would strive to build a model society of freedom, peace, prosperity, and harmony here at home for the world to emulate and also to serve as a sanctuary for people who flee such monsters.
Adams was building on the ideas and the philosophy of people like George Washington and Thomas Jefferson, who had spoken against America’s ever entering into alliances with other countries or being part of blocs to serve as counterweights to other blocs and against bearing enmity against particular nations.
America’s founding governmental structure did not permit it to go abroad and intervene in the affairs of other nations.

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