Dear Reader,
Carpe Terra.
Seize the land!
That's the latest recommendation from JPMorgan Chase (JPM) CEO Jamie Dimon.
The billionaire founder of the largest U.S. bank by assets - who owes the bulk of his wealth to rogue monetary policy that enriches and protects banks at the expense of Americans - now believes that the U.S. needs to take private property to produce more green energy.
From private citizens.
"Permitting reforms are desperately needed to allow investment to be done in any kind of timely way. We may even need to evoke eminent domain - we simply are not getting the adequate investments fast enough for grid, solar, wind and pipeline initiatives."
Terrific.
You will own nothing... but you won't be happy.
Don't Trust These People
A few days ago, I told you not to trust Goldman Sachs's (GS) forecast on oil to $95.
Since then, the Energy Select Sector SPDR Fund (XLE) has pulled back. If recession concerns abound, oil prices will move lower. And - that's bad news for alternative energy. (master the oil trade with me in Flashpoint Trader)
Jamie Dimon is upset that we don't have enough investment in the solar, wind, and alternative energy space. But this is supposed to be a free market - and the government has shown us that such investments can be tricky propositions.
So now, we have Dimon calling for the US government to seize land under the terms of Eminent Domain to create more solar and wind projects across the country. Of course, Americans will receive "fair value" from the government for the land.
But the property holders will get paper money - in which the value is going DOWN.
And the government gets the land - which is an asset that is a solid protection AGAINST inflation, which has been caused by - you guessed it - the government.
Meanwhile, who do you think ends up financing and benefiting from the clean energy projects? If you guessed companies like JPMorgan Chase... you win.
Yet... all one needs to do is look at a map. The largest landholder in the United States is the US government. It owns 28% of the land in the nation. So, why would there be a push for the seizure of property? Is it really about climate change... when the Federal government could put windmills in almost every state starting tomorrow?
This is where you need to employ Occum's Razor. The obvious answer is the right answer.
Taking private property and then creating business for financial institutions is the point. This is not a free market system. Anyone who argues that this is what capitalism looks like is either stupid or didn't bother studying basic economics.
As I noted yesterday, I remain bullish on NACCO Industries (NC), a company that operates in the mining space for coal and lithium. The madness will only accelerate in the future.
Bonus Time
As I noted this morning, I don't even trust the economists anymore. The Federal Reserve has more than 400 Ph.Ds working for them. And the best and brightest at the Fed Open Market Committee could only mutter... "We hope we don't BREAK anything."
Who are these people?
Today's Momentum Reading
WORLD'S BIGGEST INDICATORS
Recap: The World's Biggest Indicator (Momentum) is Red...
Life comes at you fast. We have a low-volume reversal. Feels bearish.
Flashpoints I'm Watching
- Life Comes at You Fast: Protestors in Paris have invaded the French headquarters of Blackrock. They continue to protest the pension reform that increases the retirement age for citizens from 62 to 64. It seems the socialists have run out of other people's money. France is the largest provider of government welfare to its citizens. No. 2? That'd be the United States. This behavior will come to the United States sooner than you think - making Occupy Wall Street look like a drum circle. Wait until Illinois' pension system cracks. Wait until Social Security breaks in 2032. It's coming. It's so obvious that I don't even worry about it anymore. By then, this will be other politicians' problems - so don't expect any reform soon.
- AI Wars: Get ready for more Artificial Intelligence problems. Harvard University reports that China is catching up with the U.S. development on AI, spurring concerns that the Communist Party may soon nationalize it. At some point, look for the U.S. government to subsidize the development of AI, a boon to the typical Silicon Valley crowd that holds fundraisers and makes donations to politicians - all while lobbying for more government spending in these areas of business. Free market... indeed!
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Stay Liquid,
Garrett
The post Jamie Dimon: Seize The Land! appeared first on Midday Momentum.
About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, consultant, and political risk analyst with decades of trading experience and degrees in economics, cybersecurity, and business from Johns Hopkins, Purdue, Indiana University, and Northwestern.