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The Ponzi Scheme That Will Destroy The Dollar
This is Porter’s Daily Journal, a free e-letter from Porter & Co. that provides unfiltered insights on markets, the economy, and life to help readers become better investors. It includes weekday editions and two weekend editions… and is free to all subscribers.
Elon Musk will not be able to cut government spending… Mortgage lending disparities created massive financial losses… Social Security cannot be saved this decade… Expectations for GDP drop again… |
Table of Contents
Before you read today’s Daily Journal I’d like to offer a prediction about your reaction to the facts I outline below.
More than half of you will be very offended.
I expect at least 1,000 subscribers will cancel as a result. Some of you will also call me a racist. But a small number of you will recognize that everything I’ve written below is true, and that our country is in the midst of a once-in-a-hundred-years financial collapse.
And that’s why I’ve written this: to give everyone a fair warning about what is going to happen as President Donald Trump’s tariffs begin to reshape the world’s markets.
I’ll also explain why Elon Musk, who heads up the Department of Government Efficiency, will not be able to reduce government spending – ever.
At the heart of this problem is an unpleasant fact. In our democracy there’s a huge incentive for people to vote for benefits (money, credit, patronage) they do not have to pay for themselves. These incentives create huge inefficiencies in our economy (especially in our financial system and in government spending).
And those inefficiencies over many years have led to a debt spiral that will collapse in the next four years.
Trump and Musk can’t save us. And, ironically, their efforts will trigger the final collapse of the U.S.-dollar-based global financial system.