| By Bill Bonner Tuesday, March 23, 2021 YOUGHAL, IRELAND – One of the beautiful features of capitalism is that no matter how much money you have… or how you got it… there are always people willing and able to relieve you of it. An undiscovered need. An unmet desire. An opportunity to make even more money! There is no limit on how chic you can be. Or how much money you can have. After all, you can’t be too rich or too cool. What, you already own a Jackson Pollock splatter painting? Then you need an NFT. Your house already has an indoor pool and a 16-seat home theatre? You need a bowling alley. Have you been to Mars lately? Elon Musk says he’ll take you there! Yes, people who worry about robots taking our jobs are wasting their time. As long as fools are ready to part company with their money, people – flesh-and-blood innovators – will find ways to help them. And now, with so much new money flowing into so many greasy mitts, the hustlers are working overtime. Sleepless Nights In this week’s headlines is a disturbing story. All this new money, you see, is not a universal godsend. Most people are delighted to get it, of course – money they neither earned, needed, nor deserved. But today, our sympathies go out to the poor schleps who work day and night to take it away from them. Comes word from Wall Street that young investment bankers, SPACers, mergers & acquisitions mavens, brokers, penny stockers – the whole confrérie of the sell side – toil 100-hour weeks trying to keep up with the flood of EZ money. Here’s a recent headline from Bloomberg: Young Bankers Have an Absurd Work Life The young analysts are already working around the clock trying to keep up with the incoming cash. Deals, deals, deals – and each one is worth millions of dollars to Wall Street. Surely, that kind of money is worth a few sleepless nights? Yes, the busy beavers deep in the Goldman Sachs machine routinely work until 3 a.m… only to start again the next day at 9 a.m. They suffer “sleep deprivation,” they claim, as well as “mental and physical stress.” “My body physically hurts all the time and mentally I’m in a really dark place,” said one. [Featured: Early investors drooling over this new tech cash cow] Proposed Solution We know these things because the group of burn-out victims somehow found the time to put together a handy presentation – much like the “decks” they use to separate clients from their “stimmy” money – to complain about it. Of course, if they were really upset, they might just cut the golden handcuffs that keep them in Goldman Sachs’ employ, and find an easier schedule as an Uber driver. So our sympathy for them is not unmitigated. But at least their proposed solution seems completely reasonable – an 80-hour workweek limit. Dream Mongers But wait… They’ll be leaving money on the table. In those “lost” 20 hours a week, they could put together another “deck”… with a PowerPoint presentation showing how investing in a new SPAC would be sure to pay off. That deal, too, could be worth tens of millions of dollars to Goldman Sachs. No one will want to give it up. And if these whiny millennials can’t hack it… well, there are others who can. After all, thanks to the feds, trillions of dollars’ worth of new bids are coming into the marketplace. Money is being created… and changing hands… at the fastest rate in our lifetimes. And today, Goldman Sachs, Robinhood, Chinese gee-gaw manufacturers, vaccine suppliers, liquor companies, SPACs, auction houses, property in Zoom towns – dream mongers all over the world struggle to keep up with the demand. [Featured: Gold Could Hit $3,000 on October 22, 2021?] More Money on the Way And for the overworked water carriers of Wall Street, it’s likely to get worse before it gets better. Yes, more money is on the way! In the headline news yesterday morning was this item from Bloomberg: Biden Team Weighs Next Economic Plan of Up to $3 Trillion Infrastructure and climate change have long been described as key efforts in the pending program… Whoopee! This comes right on the heels of the last huge boondoggle – $1.9 trillion, now working its way through the economy, like termites through a 2x4. And this is after the Federal Reserve multiplied its balance sheet (a measure of the U.S. monetary base) by 10 times so far this century… and doubled it in just the last 18 months. Think what a boom all this stimulus will cause. Soon, we’ll all be rich, of course. Simple Invention What bewilders us is why people didn’t think of this sooner. Isaac Newton… really… why bother with the Laws of Motion, when you can just print money? And Albert Einstein… Why was he wasting his time on “relativity”? Thomas Edison? What’s a light bulb compared to trillions in new printing-press wealth? It’s so simple: You just print up money and spend it, give it to your friends… and let crooks steal it. How come it took the human race nearly 600 years after the invention of the printing press to come up with such a bold and wonderful use for it? We don’t know… So we’ll have to leave that question undisturbed… like a sleeping skunk… …until tomorrow… Regards, Bill
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MAILBAG Dear readers enjoy Bill’s missive, “Dead Men Don’t Spend”… You are like the favorite uncle I wish I had. I would have been that niece that always wanted to visit, hang out with you outside, learning to build rock walls, hanging on every word, listening to your stories, while you also taught me about money and the pursuit of happiness. The next best thing is having access to your writings. I look forward every day to reading your updates. I just finished reading Family Fortunes, and the next I have is The New Empire of Debt. Thank you for sharing your wisdom and making me laugh! – Linda S. Wow. I have been reading your articles for a long time, and this is the best ever. Thanks for putting things in perspective. – Bill P. I feel compelled to say: “Thank you!” This letter of yours, besides being informative and totally roasting most U.S. citizens, made me laugh out loud! They say that truth is tough medicine to swallow, and that laughter is the best medicine. I think you wrapped the two up together nicely here. – Jennifer T. Meanwhile, others give their take on Friday’s essay, “What Kind of Show Is This?”… So you say “the show” (COVID-19) turned out to be a surprising farce. Whether you locked down tightly or not at all *seemed* to make no statistical difference… What a bummer. I guess we should have not cared and gone about business as usual so we could have seen how things really would have worked out. Maybe the show wouldn’t have been a farce and worth going to. I’m sure the many hospitals around the country enjoyed the show as bad as it was. – Michael M. Thank you for your latest insight on COVID-19. Although we have been cajoled and implored to follow the science throughout this pandemic, I have often found it rather difficult to determine where it was heading. Statisticians and politicians are renowned for interpreting facts, fake or otherwise, in any way necessary to make a point. Scientists, on the other hand, we were told by one expert after another, deal only with real facts and can therefore be trusted. The current number of reluctant vaxxers begs that question. Now that the pandemic seems to be reaching its natural conclusion (they all do, even the really bad ones), mathematics can get a look in. It appears from Bill’s sober summary that mathematics trumps science. – Geoff O. Does mathematics trump science, as Geoff concludes? What perspective does Bill’s Diary bring you, like Bill P. says? Write us at feedback@rogueeconomics.com. IN CASE YOU MISSED IT… Famous Billionaire: This Ticker Is "Like Investing in Google Early" If you missed the gains in Google, don’t worry… Because according to famous hedge fund manager Paul Tudor Jones… Investing in this ticker today, “it’s like investing in Google early.” He already poured $183 million into this ticker. And now it’s your chance. Click here and get the ticker… no strings attached. 
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