This is not a great sign.
I'm sure most of you are well aware of the Democratic Primary results of the New York City Mayoral election. Zohran Mamdani - an overt Socialist who ran on a campaign promising rent control and city-run grocery stores with price ceilings and, called for the defunding of the NYPD during the 2020 BLM riots - won the primary in a landslide. In large part due to NYC's asinine ranked voting system. His campaign and primary victory are a symptom of the intellectual rot that has taken over in the United States. Nothing makes this clearer than the data shared by Geiger Capital in the screenshot above.
Working class people with no college degree who have a better understanding of the value of hard work and what it means to live a life of integrity and dignity favored the less radical incumbent democrat and former Governor, Andrew Cuomo, while the college educated leaned heavily towards Mamdani. I feel very confident in saying this is an outgrowth of decades of university-level Marxist indoctrination via the universities that has been coupled with a never ending onslaught of mainstream propaganda that has convinced educated liberals (especially the white ones and, more specifically, the white women) that they should feel great shame, revolt against the principles of capitalism and degrade their lives by supporting socialist policies as a form of implicit reparations.
The damage that has been done to the minds of this demographic is incalculable and if the indoctrination and propaganda ultimately proves to be successful via the adoption of socialist policies in the United States, we will lose what was once a great nation. Luckily, this was just a primary and there is still hope that the current Mayor Eric Adams can win re-election in the actual election. Nevertheless, it is unnerving that someone with policy ideas that are as nonsensical as the ones Mamdani has put forward has gotten this far in the largest city in the country.
All it took was some high-quality video production, a very good social media team and the endorsement of brain dead celebrities urging people to get to the polls to vote for a man who will bring about the economic and social destruction of New York City to make it happen. It's crazy to me that people take the opinions of celebrities who are completely detached from the Common Man as seriously as they do.
We've discussed this many times in this rag before; people identify the problems in our society today - rampant inflation, an increasing wealth gap, housing affordability slipping away from most, etc. - and blame capitalism for these problems. These are but symptoms of the problem at the root of global economy; broken money.
Prices are going up because the government and central bank are printing money.
Housing is unaffordable because the money is broken and the rich are storing their wealth in real estate.
The wealth gap is increasing because the money printer benefits those who hold assets and punishes those who don't with constant currency debasement.
When you break the most important tool that individuals leverage within an economy, money, the negative externalities ripple throughout every facet of the system. Price fixing via central planners will not solve the problem, it will only exacerbate it. There are countless examples that we can point to throughout history that make this painfully obvious. We can point to what has happened in Argentina over the last two years as a shining example of what happens when you do the exact opposite of what Mamdani is putting forth.
Argentina is currently climbing out of a hole that was dug over the better part of the last century because of policies similar to those that Zohan wants to institute in New York.
We should be removing central planning from as many aspects of our lives as possible. The way to do this is to get to the root of the problem and remove the central planning from our money. The manipulation of money manipulates everything that touches money. It completely corrupts opportunity costs and makes it impossible to make economically rational decisions. This is why bitcoin is so important.
Funnily enough, easily manipulated money is what led to the brain rot that resulted in last night's primary results. Decades of federal subsidies for universities and the students attending them enabled the indoctrination of tens of millions of people. The propaganda of "you have to go to college and get a degree to get a good job to live a good life" funneled the masses into lobotomy centers that have caused many to become completely detached from reality.
Take central planning out of money, let the free market fix the problems created by this form of central control and many of the problems politicians like Mamdani are screeching about will be solved.
Thank God for bitcoin. Fix the money, fix the world.
Tom Luongo laid out a compelling case that Europe's financial house of cards is finally reaching its breaking point. He argues that decades of "extend and pretend" economics - where European nations have continuously kicked their debt problems down the road - are coming to an inevitable conclusion. The Fed under Jerome Powell has been systematically disrupting offshore dollar markets, creating dollar scarcity that's forcing a reckoning. Tom points to specific evidence: the Swiss National Bank returning to zero rates, the ECB cutting again, and seizures in the one-month T-bill markets across Europe.
"The Europeans can continue to play their game of extend and pretend that they're not broke, that their economies aren't crushed... And then and now it's starting to crack." - Tom Luongo
This sovereign debt crisis won't just be financial - Tom predicts it will morph into a full-blown political crisis that fundamentally reshapes Europe. The setup is already driving capital flight back to the United States, with the DAX rolling over and the euro topping out. For America, this represents an opportunity to attract investment and strengthen its position as the chaos unfolds across the Atlantic.
Check out the full podcast here for more on Israel-Iran nuclear tensions, British betrayal theories and bond market manipulation.
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Final thought...
First Bent written on the Acela in a long time.
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