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Unleash Prosperity Hotline
Issue #601 -- Weekend Edition
08/18/2022, 08/19/2022, 08/20/2022
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1) The New Axis of Evil

We’ve warned multiple times on these pages that the big winners from the Biden “Put America Last” economic agenda are China and Russia. We can now add to that list, Iran.

The latest newsletter from former Fed board of governors member Larry Lindsey is scary and a must read.

"Tehran is now supplying Iranian-made drones to Russian forces in Ukraine and missiles to replace Russia’s depleted stockpile; some drones are constructed using Chinese manufactured parts. The amount of coordination between this new Axis is tangibly greater than the World War II-era German-Japanese-Italian Axis.

The economic self-interest of this new Axis is likely to enhance geopolitical coordination still further. Russia is certainly shifting its energy export market from Europe to China. Gazprom and CNPC signed a contract in February for annual delivery of 10 billion cubic meters of gas. A new pipeline is under construction and has already reached the Beijing area, with plans underway to expand southward to Shanghai.

Despite its rhetoric, China is not undergoing any meaningful “energy transition”—instead the PRC is adding coal plants so quickly that it will have five times the American coal-fired electricity production capacity by 2025. All three members of the new Axis know that hydrocarbons will be a key part of the global energy supply for decades to come. Their mutually reinforcing military and economic strategies are leading to ever-larger Chinese and Russian military presences in Asia."

2) The Saudis Are Also Getting Rich off of Biden’s War on American Energy

It’s not just China, Iran and Russia that are gaining wealth and power from the moronic anti-fossil fuel campaign of the Biden administration. Saudi Arabia is loving life too.

Hamstringing domestic American energy has driven up prices globally and let foreign energy rivals pick up the production slack. That has translated into profits – big profits – for Saudi Arabia’s main oil company, Saudi Aramco. In fact, their profits have steadily risen for every quarter of Biden’s presidency, a far cry from business under Trump who pushed not just for American energy independence, but energy dominance. Last quarter, Saudi Aramco’s profits beat out four major US tech firms – Tesla, Meta, Apple, and Microsoft … combined. Additional taxes imposed by the Schumer-Manchin bill $750 billion tax and spend bill will further raise the price of American energy and send more of our dollars overseas.

Saudis Profiting from Biden Green Energy Plan

3) New York’s Eternal State of Covid Emergency

We’ve noted for months on end that New York ranks near last among the 50 states in the effectiveness of its Covid response and in reviving its economy in the wake of the crisis. But New York pols still haven’t even acknowledged that the crisis is over. NY Governor Kathy Hochul (who took over after Andrew Cuomo resigned earlier this year in disgrace) ruled this week to extend the state’s COVID “emergency” order another 30 days even though every other state we can find has rolled back theirs and fewer than 20 people a day have died of COVID in New York since March. New York ranks 3^rd worst in the country in restaurant’s reopening their doors and customers coming back.

The New York Post notes also that the “eternal emergency” order suspends competitive bidding for many state contracts as well as oversight reviews of performance before payments are sent out. This has conveniently allowed Hochul to “end-run state rules to the benefit of her big donors.” Two that come to mind are Charlie Tebele, who just won a $637 million no-bid contract for at home COVID tests and Vornado Realty boss Steven Roth, who’s in line for $1.2 billion in tax breaks to redevelop New York’s Penn Station.

We had hoped that Hochul might end the culture of corruption in Albany, but instead she has somehow made the state even more corrupt.

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4) Video Of The Day: Laffer On Nixon Closing the Gold Window
On Fox Business, our good friend Arthur Laffer discusses the anniversary of Nixon abandoning the gold standard and its profound negative impact on the dollar.
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5) United Nations Wants to Regulate Cryptos Out of Business

As regular Hotline readers know, we are agnostic on crypto currencies. The one thing we like most about them is they are private currencies that take financial power and up control away from globalists, central banks, and politicians and their fiat currencies.

The Securities and Exchange Commission wants to regulate Bitcoin and other digital currencies. Now so does…the United Nations. Yes, let’s leave these bureaucrats in charge of all the trillions of dollars of printed money.

In their latest POLICY BRIEF, the UN officials conclude:

• The benefits that the 19,000 cryptocurrencies may bring to some individuals and financial institutions are overshadowed by the risks and costs they entail, particularly in developing countries.

• The global reach of private digital currencies makes national regulatory responses challenging. [Thats a bad thing?]

* All that glitters is not gold. There is a high cost to developing countries in keeping cryptocurrencies unregulated.

Of course, the UN wants to regulate cryptos out of business so international central bankers can continue to tightly control global financial markets. But the reason that cryptos are gaining such a foothold around the world is because corrupt central goverments can’t stabilize the value of their own currencies, so investors scramble for viable alternative sources of tradable money. The chart below shows that 15 of the 20 nations with the fastest deployment of cryptos are developing nations like Venezuala where the fiat currencies are dependable as stores of value. Would you own a Venezualian peso?
6) Another Reason to Fear 87,000 New IRS Agents
What is the difference between a tax collector and a taxidermist?

The taxidermist takes only your skin.

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