Well, the election is over, but political maneuvering is not! President Biden is strutting like a proud peacock, while former President Trump is angry and attacking other popular Republican leaders. All the political pundits are weighing in on the meaning of it all, so I might as well put in my two cents.
My first reaction is that these it is time for these two older men to get off the political stage. As people age, they tend to get crankier, and more importantly, they tend to become much more entrenched in their opinions.
Former President Trump still feels cheated, and he blasted the biggest winner of this election, Florida Governor Ron DeSantis. His crime? DeSantis did not say he would not seek the Republican nomination for President in 2024. That is “treason” to Trump, for he believes he alone deserves the nomination. In doing so, Trump shows that his ego reigns supreme. – it’s all about him. We think he was a very good president in his one term in office, but he has shown that time has passed him by.
We can at least understand why he would trash a political rival, but we are absolutely dumbfounded that he would attack the Republican governor of Virginia, Glenn Youngkin. The former president made an obvious racist remark in saying that Governor Youngkin’s name sounded Chinese. That’s despicable, and I think it shows that the former president is getting desperate, as he sees that the Republican nomination is starting to slip away. Assuming our opinion is correct, that can be dangerous, for desperate people tend to take desperate actions.
In regard to President Biden, he certainly tends to be cranky; he has criticized reporters and protestors – lashing out at them, calling them idiots and morons. He has shown that his ego is as big as Trump’s. If you disagree with him, you are a racist or a danger to democracy; if you are a conservative black and don’t vote for him, you aren’t really black. He is certainly entrenched in his opinions. When asked after the election, what he might change. He said “NOTHING.”
Nothing. That is probably what is going to happen. We don’t know for sure, but it appears that Republicans will win a slight majority in the US House of Representatives, and that will be enough to put a slight check on Federal spending. However, the President made it very clear he will continue his energy policies when he shouted, “No More Drilling!” That should lead to continued higher pricing for energy, and that should percolate throughout the entire economy, leading to a higher inflation rate and a higher level of interest rates.
Last week we wrote that “gold has probably bottomed and should move higher.” Today, gold made a new two-and-a-half month high, and it appears to us that it will continue to move upward toward the $1,820 level. That’s a new high over the last two and a half months. Gold will undoubtedly benefit by the debacle in the crypto implosion in the FTX bankruptcy. Moving forward, investors looking for an alternative investment instead of bonds and equities, will increasingly turn to gold instead of the discredited crypto market.
Anyway, you can assume that the political scheming in both the Democratic and Republican parties will be a high drama affair. It’s time for a change. We need younger politicians to mount the stage, so the United States can move ahead, as President Kennedy once said, “with vigor.”
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