The other day Paul du Quenoy wrote in The Spectator about Martha’s Vineyard and the fraud of the rich white liberal and asked the questions, “Where’s their compassion? Where’s their inclusion?”
Du Quenoy further observed that, “Those white liberals are now entertaining the world with the most amusing mass meltdown in some time. As natural hypocrites whose commitment to diversity ends where their pebbled driveways begin, they don’t like the idea of the Vineyard’s newest residents any more than Democrat mayors like Eric Adams of New York and Muriel Bowser of Washington, DC appreciate their migrants.
The world outside left-Twitter, however, knows that the illegals have had the good fortune to land in one of the richest communities in America after having violated our country’s laws by illegally crossing its borders. Now that Vineyard liberals must endure the sight of them on their doorsteps, they and their confederates can only fly into narcissistic rage. Their shallow, priggish commitment to diversity, equity, inclusion, and open borders is exposed as a shameless fraud. It is, after all, the same reaction — possibly from some of the very same people — whose caviar liberalism morphed into vituperative opposition when Adams’s failed predecessor Bill DeBlasio moved scores of charming homeless men into empty hotels on the Upper West Side.”
In response of all the criticism by the liberals, Governor DeSantis hammered Biden and the MSM on immigration: “The President is scrambling to get his Cabinet together to try to address the fact that you have governors who are helping to relocate illegal aliens to sanctuary cities. He didn't scramble to get his Cabinet together when we had millions of people illegally pouring across the southern border. He didn't scramble to get his Cabinet together when you had 53 migrants die in some trailer in Texas because they were neglected by the federal government. You didn't see him scramble to get his Cabinet together when we had Americans that were victimized by criminal aliens that he let across the border. You didn't see him scramble to get his Cabinet together when we hit record fentanyl deaths, which that fentanyl is coming across his open border. It's only when you have 50 illegal aliens end up in a very wealthy, rich sanctuary enclave that [Biden] decides to scramble on this.”
In the meantime, according to Bill King (The King Report), “Wise guys joked that all illegal immigrants have been removed from Martha’s Vineyard except the one that had a fake Hawaiian birth certificate.”
I truly believe that most of us should be in full agreement with Paul du Quenoy’s criticism of the Martha Vineyard’s privileged elites, which remind me of the words of the late author and satirist P.J. O’Rourke: “At the core of liberalism is the spoiled child — miserable, as all spoiled children are, unsatisfied, demanding, ill-disciplined, despotic and useless. Liberalism is a philosophy of sniveling brats.” [Among others, O’Rourke is famous for his 1991 book Parliament of Whores: A Lone Humorist Attempts to Explain the Entire U.S. Government, which became a best-seller. The book is not politically correct because it compares scum politicians with honorable whores.]
Global money supply is currently contracting: The question is this: In view of the current contraction in money supply are the lofty forward earnings estimates realistic? In my opinion, corporate earnings will collapse, and the stock market has not yet discounted this unexpected event.
I also need to acknowledge some near-term positive developments. The first is that some markets including the US Treasury market have become extremely oversold.
The second reason for some optimism is the universal extremely negative sentiment towards all assets.
I conclude that asset markets could get a lift if the Fed caves in and abandons its “hawkishness.” Given the oversold condition in the US bond and stock market, I expect these markets to make an intermediate low in October. [A long term low is still far away.] A sharp rally should follow in Treasuries because it will become clear even to CNBC that the US is already in recession. Heavily shorted and interest rate sensitive stocks should rebound the most.
The Fed’s less hawkish stance should weaken the US dollar and be extremely favorable for gold. [It would not surprise me to see gold shooting up in a day by $100 or more and the US dollar to tumble.]
A rebound in financial assets does not imply that new highs should be expected. As I outlined in an earlier report, we are likely to be in a long-term bear market – similar as between 1973 and 1974. Longer-term, we are in a situation similar to the seventies when the US stock market moved sidewards but was down in real terms.
Finally, don’t forget that Liberalism, which “is a philosophy of sniveling brats” is also according to James Burnham, “the Ideology of Western suicide.”
With kind regards
Yours sincerely
Marc Faber
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