Nov 13 2024 37 mins 10
Left Cannot Ignore Electoral & Popular Sweep
Head Of $11 Trillion BlackRock Likes Hard Assets
When Will Western Investors Move To Gold?
"The adjustment is beginning in their investors' minds to a higher-for-longer environment, an adjustment to debt and deficits which are not quickly resolved, not by a person, not by a party, but this is a dedication to resolving an issue which may take decades. And that's partially through economic growth, that's partially through an increase in revenue, that's partially through a reduction in deficit spending. But until we get to those long-term solutions, we deal with critical issues. And Rieder is saying, avoid the long end of the curve. Rieder is saying, take a look at hard assets." —David McAlvany
Kevin: Welcome to the McAlvany Weekly Commentary. I'm Kevin Orrick, along with David McAlvany.
David, a lot has changed in a week, but I can't help but think of a man named Onoda Hiroo, who after World War II, Japanese soldier, he fought on 29 years. He was on a Philippine island, and he absolutely refused to believe that the war was over, even when Japanese generals and commanders would come and try to talk him out. He could not believe that.
I can't help but think that that's a lot like Arizona and California right now. My wife and I turned on Jimmy Kimmel, and instead of him being funny, he was just standing and crying and talking about the end of the world. And we watched Saturday Night Live on Saturday night, the opening skit, we thought it might be funny, but instead they just really stood and cried and talked about the end of the world. I'm just wondering, is the war over or is it just beginning?
David: Yeah, it's a great question. Well, yes, a lot has happened in the last week. We've got President-elect Trump in line for another four years. The cabinet positions are being lined out, and yet a full week later, they're still counting ballots in Arizona and California.
Kevin: Yeah, it's like the Japanese soldier on the island. Why are they still counting, Dave?
David: It's hard to believe that in states like Florida you can finish the count the day of the election, while states home to Silicon Valley and some of the greatest hardware and software inventions ever, they can't figure it out. The vote count a full week after the election day is still going on. In my mind, election integrity has a black eye from that kind of incompetence.
Kevin: Well, and last week you were critical of both parties, and had a little bit of cynicism going, but there seems to be an overwhelming message that's being sent to the United States right now.
David: Reflecting on my pre-election comments, I think they were adequately critical of the parties running, maybe overly cynical about the American public. Whether you regard the election outcome as a good thing or a bad thing, there was uniformity in the political shift. It was across ethnic and socioeconomic lines, all swing states, a significant shift in the African-American and Latino communities. There was a sea of red on the American map, 49 out of 50 states shifted red with a wide margin, enough margin in the popular vote to give Trump an unambiguous mandate to fix a few things.
The exit polls noted that inflation, immigration, and a fixation on cultural issues which don't help the middle class were top of mind, and threats to democracy ranked high as well, with a good number of those citing that concern voting for Trump, interestingly. So, the shift towards Trump included a surprisingly large college-age contingent, and of course the minority contingents I just mentioned. But maybe minorities have figured out that rhetoric is insufficient to make your life better. And that a strong economy—that tends to lift all boats. The opposite, if you're looking at strong inflation, that uniformly sucks the tide out from under those same vessels.
Kevin: Yeah, Dave, the question was asked of Kamala,
Head Of $11 Trillion BlackRock Likes Hard Assets
When Will Western Investors Move To Gold?
"The adjustment is beginning in their investors' minds to a higher-for-longer environment, an adjustment to debt and deficits which are not quickly resolved, not by a person, not by a party, but this is a dedication to resolving an issue which may take decades. And that's partially through economic growth, that's partially through an increase in revenue, that's partially through a reduction in deficit spending. But until we get to those long-term solutions, we deal with critical issues. And Rieder is saying, avoid the long end of the curve. Rieder is saying, take a look at hard assets." —David McAlvany
Kevin: Welcome to the McAlvany Weekly Commentary. I'm Kevin Orrick, along with David McAlvany.
David, a lot has changed in a week, but I can't help but think of a man named Onoda Hiroo, who after World War II, Japanese soldier, he fought on 29 years. He was on a Philippine island, and he absolutely refused to believe that the war was over, even when Japanese generals and commanders would come and try to talk him out. He could not believe that.
I can't help but think that that's a lot like Arizona and California right now. My wife and I turned on Jimmy Kimmel, and instead of him being funny, he was just standing and crying and talking about the end of the world. And we watched Saturday Night Live on Saturday night, the opening skit, we thought it might be funny, but instead they just really stood and cried and talked about the end of the world. I'm just wondering, is the war over or is it just beginning?
David: Yeah, it's a great question. Well, yes, a lot has happened in the last week. We've got President-elect Trump in line for another four years. The cabinet positions are being lined out, and yet a full week later, they're still counting ballots in Arizona and California.
Kevin: Yeah, it's like the Japanese soldier on the island. Why are they still counting, Dave?
David: It's hard to believe that in states like Florida you can finish the count the day of the election, while states home to Silicon Valley and some of the greatest hardware and software inventions ever, they can't figure it out. The vote count a full week after the election day is still going on. In my mind, election integrity has a black eye from that kind of incompetence.
Kevin: Well, and last week you were critical of both parties, and had a little bit of cynicism going, but there seems to be an overwhelming message that's being sent to the United States right now.
David: Reflecting on my pre-election comments, I think they were adequately critical of the parties running, maybe overly cynical about the American public. Whether you regard the election outcome as a good thing or a bad thing, there was uniformity in the political shift. It was across ethnic and socioeconomic lines, all swing states, a significant shift in the African-American and Latino communities. There was a sea of red on the American map, 49 out of 50 states shifted red with a wide margin, enough margin in the popular vote to give Trump an unambiguous mandate to fix a few things.
The exit polls noted that inflation, immigration, and a fixation on cultural issues which don't help the middle class were top of mind, and threats to democracy ranked high as well, with a good number of those citing that concern voting for Trump, interestingly. So, the shift towards Trump included a surprisingly large college-age contingent, and of course the minority contingents I just mentioned. But maybe minorities have figured out that rhetoric is insufficient to make your life better. And that a strong economy—that tends to lift all boats. The opposite, if you're looking at strong inflation, that uniformly sucks the tide out from under those same vessels.
Kevin: Yeah, Dave, the question was asked of Kamala,
