Look Alive! Beware the French chaotic descent

Thursday, 6 July 2023 — South Melbourne

[7 min read]

Dear Reader,

History may not always repeat, but it sure does rhyme.

For several years, discontentment among the working class in France has been simmering. It started in mid-November 2018 with the ‘Mouvement des gilets jaunes’ or ‘The Yellow Vests Movement’ gathering every weekend in Paris to protest over a newly imposed fuel tax.

This movement grew over time as others joined in voicing their discontentment over socioeconomic policies and the impact of globalism depriving them of individual rights and liberties.

There was a pause in 2020 as the world locked down over the outbreak of the Wuhan virus. However, it resumed afterwards and gained momentum.

In 2021, the French Government sought to exclude those refusing to get vaccinated by denying them the right to dine in a restaurant, enter shopping malls, or even maintain their current occupation.

Defiant French citizens pulled out their picnic rugs and ate in the streets, braving the mid-summer heat. Some barricaded supermarkets that were refusing unvaccinated individuals entry to their premises.

Tensions continued to simmer in 2022 as the French election in April saw the incumbent party retain power, though cutting them down to a minority Government. Meanwhile, the Russia-Ukraine conflict raged on, leading to energy shortages and inflation ravaging households struggling to make ends meet.

You’d think a fire burning for several years would run out of fuel. Not in the case of the French nationals! They’ve saved their best for 2023.

Earlier this year, the government enacted pension reform, raising the retirement age from 62 to 64. Citizens would have to work for at least 43 years to be eligible for retirement. It was signed into law in mid-April.

As many as 1 million workers came out to protest as the government floated the bill in January, kicking off months of strikes and protests. Many of these demonstrations resulted in violence and destruction of public and private property.

Things might be coming to a head right now. There is news footage of riots across the nation, sparked by the police killing a 17-year-old youth of North African descent in a Parisian suburb.

The many years of neglect, indifference and outright abuse against the people by their rulers are now starting to come home to roost. The country is burning with the rage of a thousand suns.

The target of these people’s discontentment is President Emmanuel Macron, currently serving his second term as the head of state.

Macron: The epitome of the arrogant elite

If anyone is more suitable a poster child of a privileged globalist, it’s Emmanuel Macron.

Young, distinctly handsome, and born into a sophisticated family, Macron went to school in a Jesuit institution before completing his higher education at one of the most prestigious universities in Paris. He completed his master’s degree in public affairs where he wrote a dissertation on Machiavelli and Hegel, two renowned political philosophers and strategists. Many political strategists studied their works throughout the years to learn the techniques of using political intrigue and mind games to gain power.

After graduating, he worked in civil service at the General Inspectorate of Finance before becoming an investment banker with (you guessed it) Rothschild & Co.

Winning office in 2012 at the age of 35, President François Hollande appointed him as the Deputy Secretary General of the Elysee Palace. He rose to become the Minister of Economics, Industry and Digital Affairs in 2014 before resigning in 2016 to run for the 2017 presidential election, where he defeated Marine Le Pen in a decisive victory.

Macron’s policies in economic reform during his presidency have largely favoured the upper class, earning him the nickname of ‘President of the rich’ by his opponents.

The popularity of Macron in the mainstream media sharply contrasts with the country experiencing persistent protests and civil unrest. This is fuelled by the media complex that touts globalist policies, stands with authoritarians and protects their own.

Indeed, Macron is one of the favourite acolytes of the World Economic Forum’s Founder, Klaus Schwab, who saw Macron’s victory in 2017 as a major success for his globalist plans. Macron also enjoyed much prestige in this globalist organisation, delivering a major address in 2021 at the height of the implementation of government controls during the pandemic.

Here is a man who could be heading the world, if the World Economic Forum has its way with removing national borders and taking away the idea of individual rights and liberties.

In their dreams, that is.

Numbering the days as France descends into chaos

As much as the globalist elites try to bring ‘The Great Reset’ into fruition by convincing the global community this is inevitable, it seems they’re slamming into the brick wall of reality.

Hubris is their vehicle, and it has no brakes.

NZ’s Former Prime Minister Jacinda Ardern saw her demise this year when she found out she had ‘no more gas in the tank’.

Et toi, Emmanuel? He might realise that his past is catching up to him.

In one of his most infamous moments last January, Macron publicly stated that the reason for imposing harsh vaccine mandates was ‘to piss off the unvaccinated’.

If anything, this line might haunt him to his grave, much like Queen Marie Antoinette’s line ‘let them eat cake’ outlived her decapitated corpse!

I need to be fair (to Marie not Emmanuel). Turns out if you search online, Marie Antoinette was wrongly attributed to that infamous saying!

But regarding Macron making that inflammatory statement, that’s him all right!

To Macron’s dubious credit, he’s managed to infuriate more than the unvaccinated and roused many to come out against him.

All over the world, the globalist leaders are losing power — stepping down or being pushed.

With the people rioting and burning things down, France has descended into chaos. It won’t be long before his own supporters will want him out to protect their own hides (and possibly their lives).

Your priority in times of increasing chaos

You might be cheering that the world is moving to cast off the globalists’ yoke of faux stability, comfort and security.

But an angry mob and a panicky herd don’t think. They act on bare emotions.

Therefore, it’s imperative to step out of their way, lest you become the object of their wrath or confusion.

To help you stay on track with what’s really happening around the world, get in touch with our geopolitical newsletter service, Jim Rickards’ Strategic Intelligence Australia. Jim is an experienced strategic analyst who has his pulse on global affairs. He isn’t beholden to political lobbyists and corporate sponsors, so you’ll get insights free from the influences of the moneyed class.

To protect your wealth, it’s time to secure some precious metals so you can hold something outside the system. Find out more with my investment newsletter, The Australian Gold Report.

Or if you like steady income streams, my colleague, Greg Canavan, has just curated the ‘Royal Dividend Portfolio’. Check it out by clicking here.

It might be chilly in Australia, but the world’s burning. Don’t be caught in the wildfire!

God bless,

Brian Chu,
Editor, The Daily Reckoning Australia

Dear Reader,

We just arrived in Sicily. We’re going to a wedding in Taormina, site of the TV show, ‘The White Lotus.’ We’ve never seen the show (we don’t have a TV)…but we’ll give you the low-down later.

Meanwhile, this is probably a good time to explain why we’re so gloomy and doomy…

Where’s the recession?

Where’s the stock market crash?

Has the bear market turned into a bull market? Has the coming recession been upstaged by an approaching boom?

What’s the problem? Why spoil a good party by mentioning that the curtains are on fire and the police are at the door?

If you listen to the popular press, you might think the US’ finances are delightfully robust. Here’s Dan:

‘The NASDAQ just closed out its best first half of a year ever, with $QQQ up nearly 40%.’

A US$3 trillion apple

The financial writers are awe-struck. 2023 started out as one of the worst years ever. But instead of getting worse as everyone (including us!) expected…the year is half gone, and it’s still not half bad.

The broad stock market has still not recovered from its 2022 sell off. The Dow, now over 34,000, is still more than 1,000 points below the high set at the beginning of last year. But the bounce from last year’s lows has been impressive. The S&P 500 is up 14% so far this year. But the aforementioned NASDAQ gets top billing.

Fortune:

‘The rally in tech megacaps gained further traction, with the Nasdaq 100 notching its best ever first-half of a year and Apple hitting the US$3 trillion milestone.

‘Nearly US$5 trillion has been added to the value of companies in the Nasdaq 100 since the start of the year, with the tech-heavy gauge defying bubble warnings and jumping almost 40%…gains have been even more pronounced when narrowed down to the megacap space — which has soared 74%.’

In the economy, too, the press sees only pink cheeks and robust health.

Business Insider: ‘“Rolling recession” turns to “rolling expansion,” says top Wall Street economist’:

‘…stocks could be set to see a 2023 rally continue and broaden out beyond megacap tech shares in the second half of the year, according to a closely followed Wall Street economist.

‘“…look at those industries and sectors that have been depressed. They’re showing signs of recovering,” Ed Yardeni, president of Yardeni Research, said in a phone interview Friday afternoon.

‘Pent-up demand [for houses] has fuelled strength in the sector — and for home builders — despite mortgage rates that have risen toward 7%.’

Bidenomics inaction

The latest ‘data,’ says the press, is positive.

Employment…inflation…sales — it’s ‘all good,’ or so they say. And Joe Biden tells audiences what a great job he’s done; here’s a recent speech:

‘Bidenomics is working….

‘Today, the US has had the highest economic growth rate, leading the world economies since the pandemic. The highest in the world. (Applause.)

‘…we created 13.4 million new jobs. More jobs in two years than any president has ever — (applause) — made in four — in two.

‘And, folks, it’s no accident. That’s Bidenomics in action…’

Really? Is the economy really so good? Are stocks such good investments? Is there no reason for darkness and worry?

We’ll look more closely tomorrow. In preview, gloom makes a comeback!

By way of further explanation, here at Bonner Private Research, we tend to look on the dark side. Perhaps it is because of those many years we spent in a Baltimore ghetto. We hear corks popping; we duck to avoid the crossfire. We smell lilies; we look for the open casket.

The ‘big loss’

Or maybe it is just our sorry métier. You work all your life. You save your money. You invest it. After the age of 55, the worst thing you can do is to take the ‘big loss.’ It’s like a bad fall in the bathroom. Because it’s almost impossible to recover. You can still make profits. But you won’t have time to compound them substantially.

So, for most readers, missing a boom is much less of a problem than not missing a crash. Missing a boom is like taking a vacation; you can get back to work later. But get hit by a crash…wiping out half your money…and you may have to downsize faster and further than you intended.

Our number one goal here at Bonner Private Research is to try to understand what is going on. Washington promises to build a better world for you. Wall Street promises to make you rich. Our job is to make sure you’re not devastated when those promises don’t turn out.

We don’t mind being ‘too early’. And we forgive ourselves for being wrong sometimes. But we damned sure don’t want to be blindsided by a crash we didn’t see coming.

Regards,

Bill Bonner,
For The Daily Reckoning Australia