| By Bill Bonner, Chairman, Bonner & Partners BALTIMORE, MARYLAND – As our friend Nassim Taleb reminds us, there’s a downside to being a turkey. It’s called Thanksgiving. Every day for 1,000 days, it gets its food. The turkey gets used to it. It feels pretty good about things. Around the feed trough, it is common knowledge that the food “always” comes. And there is no turkey alive who can contradict it. The more intellectual turkeys spin out theories to explain their good fortune. One says it’s because of turkey exceptionalism: “The food always comes because we’re turkeys, not starlings or pigeons. We are special. We don’t have to peck around on the ground trying to find crumbs or scratch in the dirt to find worms. We’re a superior bird; we have access to unlimited food.” Another has a different hypothesis – better leadership: | Recommended Link | | Look Closely at this $100 Million Document Jeff Brown Just Found This is federal document NCT#03872XXX. Outside of government officials and top-level biotech executives, few have seen this before. In fact, he only got his hands on it recently. What is it? It’s an official record of a potential new cure. The breakthrough it details could spark some of the fastest and largest gains in stock market history. 10x gains in one day have happened before. In situations like these, it’s possible to see an extraordinary 3,277%, 5,940%, and 10,645% over the next 12 months. But the clock is ticking fast. 99.99% of investors are about to miss out. | | | -- | “We always get fed because our president has figured out how to make the farmers feed us. He’s the best turkey president ever. If the farmer is a little late, he knows how to make turkey life great again. Didn’t you notice? He takes three steps backward and makes a loud gobbling noise. That usually does it. If it doesn’t, he just keeps gobbling until the food comes. Always works. Always.” And yet another pipes up: “Oh, enough with your fancy theories. We always get fed because that’s just the way it is. It’s nature.” “No, it’s not nature,” offers another. “It’s because the fix is in. The farmer has to feed us, or he’ll be charged with animal abuse. He has to keep the food coming; he has no choice.” But then, as the fourth Thursday of November approaches, the theories are put to the test. All are proved incorrect. The food doesn’t come. Instead, the turkeys are ushered into a special part of the farm complex where they’ve never been before. There is something disquieting about it. The turkeys begin to whisper among themselves. One says he hears cries coming from the next room. All of them notice the sounds of machinery… heavy machinery… and a few soft feathers floating through the air. “What’s going on…?” they wonder, one to another. And then, they begin to panic, running helter-skelter, hoping to escape. | Recommended Link | | WARNING: Do Not Share With “Non-Cleared” Persons This CIA insider is holding an authorized version of a classified government document… And now, he’s revealing sensitive information about this top-secret project… A project that could impact millions of seniors in America. This goes offline Friday at midnight. | | | -- | No Exit Up until that day, the food came every day. Day after day… the sun shined… and along came the farmer with more grain. And then, without warning, everything changed for the turkey. Worse than a bad feather day… it was the final scene. The curtain fell. The court adjourned. Meanwhile, over in the stock market, the sun still shines. Heck, the more danger signs we see, the more the market goes up. Yesterday was no exception. CNBC: Stocks rose slightly on Tuesday as retail shares outperformed, lifting the major averages to fresh record highs. The Dow Jones Industrial Average was up 55.14 points, or 0.2% at 28,121.68. The S&P 500 gained 0.2% to 3,140.50. The Nasdaq Composite also advanced 0.2% to 8,647.93. But as the SEC is quick to add: Past performance is no guarantee of future performance. You may flip a hundred coins and get heads every time. That doesn’t mean that the next one won’t come up tails. | Recommended Link | | A controversial topic This may tick you off… Some people just don’t like the idea of charity. They think it’s all about “handouts.” Others object to how most charities are run. But to Market Wizard™ and billion-dollar hedge fund manager Larry Benedict, it’s a big part of his life and way of thinking. “I’ve done so well in my life… that it seems irresponsible… just wrong not to give back,” he told our team. That’s why, on Wednesday, December 11th, Larry is putting his reputation… and a pile of cash on the line. He will place a live trade… with the goal of generating $70,000 or more… in a day… If he wins, the money will go to a local charity, Boca Helping Hands. If he loses, there will be thousands of fewer meals in the South Florida area. | | | -- | Not All Gravy We see the turkey’s life from the farmer’s perspective. It is not all gravy and sweet potatoes. But it is very predictable, with a definite beginning and a certain end. And a purpose. We’re tempted to make an analogy to the stock market. But there is nothing definite about the stock market. It can famously stay irrational a lot longer than you can stay solvent. But it can also stay solvent longer than you can stay irrational. We assume that as long as the Federal Reserve is adding money to it, it will continue to go up. The total now of its supposedly “not-QE (quantitative easing)” repo market funding is up to more than $300 billion. And it’s no longer just the overnight lending market that the Fed is pumping up. It now funds a 42-day repo facility too. (Dear Readers who are paid-up Bonner-Denning Letter subscribers should keep an eye on their inboxes this evening. In our November issue, coauthor Dan Denning writes about what this repo crisis really means… If you are not paid-up yet, but are interested in a subscription to our Letter, please follow this link for a message from Dan. He explains why it’s not too late to protect and even grow your wealth in the bigger crisis we both see coming.) In other words, with the Fed adding so many fake billions, the turkeys might think higher prices are “rational” and “normal”… and that only rug-chewing doom-and-gloomers would expect it to go down. And yet… in the stock market, we’re the turkeys, not the farmers. We spin out our own theories. “Stock prices always go up over the long run,” says one simpleton. “Now, with the enlightened management of the Fed and a very money-savvy president, we’re pretty much assured that nothing will go wrong,” says another. “Dow 30,000,” adds a third. “The fix is in… They have to keep pumping up the stock market or the whole shebang will fall apart.” “We’re the U.S.,” opines the president, as if the gods looked with especial favor upon us. But backstage, Mr. Market is sharpening his blades. He’ll decide for himself when we all get plucked. Have a nice Thanksgiving. Regards, Bill Like what you’re reading? Send your thoughts to feedback@bonnerandpartners.com. FEATURED READS 2018 Midterms Don’t Show Accurate Voting Trends for 2020
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Colleague and gold industry insider E.B. Tucker shows you why gold is about to get a lot more profitable over the next few months… MAILBAG Dear Readers have some solutions for the truck issues Bill had on Monday… and a bit to say about impeachment and managing money… Bill, I live in Minnesota these days. Wish I lived closer to you. I’d have that old Chevy running perfectly in an hour or less. Unless it needed parts, of course, then it might take two hours. Gotta be a NAPA or other parts store nearby. I’d do it for free, just to meet you and shake your hand. I’d also fix any other equipment, like chainsaws, lawnmowers, or what have you. Might charge a bit for that, though… Heh. I could use a little boost to my Social Security. I’ve learned way late about proper money management and am hoping my tiny stake in cryptos will pull me out this next year or two. You know what they say… Too soon old, too late smart. I add to that, “Better late than never.” – Scott S. If the fuel pump’s good, it should pull fuel from the tank cranking. One thing to look at, though, are any rubber fuel-hose connections on the suction side to the tank. Those can leak air in, even though fuel doesn’t leak out. This is what allows the fuel to drain back as the air comes in. Regarding impeachment, I remember what Thomas Jefferson had to say when the Senate failed to impeach Samuel Chase, whom he said deserved it if anyone did… “Nothing but a scarecrow.” Indeed, even today, it’s nothing but political theatre. – Mikeq R. IN CASE YOU MISSED IT… How Did Banks Take Over the American Economy? Notice how wealth stopped flowing to real industries like farming and manufacturing… while Wall Street suddenly flourished… 
Those changes aren’t pure coincidence… What most people don’t realize is that from 1950 to 1971, the United States began switching over to an entirely new kind of economic system. Since that time, this new system has allowed us to amass more wealth than any other nation in history… But this system also has a dark secret… Click here to find out more. | 
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