by Ryan McMaken
Mises.org
For this year’s Summer Olympics in Rio, the Brazilian government spent $4.6 billion — that’s a conservative estimate that covers facilities used for sports only. When we include all other related expenses, the total comes to $12 billion.
To some people in the wealthy countries, this may seem like a small amount, but the truth is that $4.6 billion (not to mention $12 billion) is an immense amount of money in the context of the Brazilian economy and the Brazilian government’s budget.
For example, the entire national budget for Brazil was (according to this source) $631 billion for 2015. That means the government spending for the 2015 Olympics was about equal to 0.72 percent of Brazil’s national budget.
What would the totals look like if the US spent a comparable percentage on the Olympics?
It isn’t just the politicians in Washington D.C. that are deeply corrupt. In this article you will read about two prominent mayors that have engaged in absolutely horrific behavior, and you will read about a sex scandal out in California that involved 24 different police officers sleeping with the same prostitute. The reason why I write about these things is not to gross you out. Instead, the goal is to get America to take a long look in the mirror. Ultimately, we aren’t going to turn this country around by electing the right president, because the truth is that the biggest problem with this nation is in our own hearts. Until we get our hearts right, nothing is going to really change.
Our pace for posting commentaries will slow down for August by design over the next few weeks, and for the last week of August, there will be no posting due to vacation time. This week, focus will be solely on the charts. There is so much going on in the world and with the Bread and Circuses election in the United States, the sum of which is enough to send the price of precious metals considerably higher, but the reality is price is still under the control of Chinese buying at bargain prices while the West’s central bankers try to keep alive the Ponzi scheme facade regarding gold and silver.
When I lived abroad, some of the fellow global wanderers I got to know were Canadians. One sure way to get on their wrong side was to ask what part of the States they were from … which could easily happen if they hadn’t yet said “about.”
Reporting from Tijuana, Mexico…
With continued uncertainty in global markets, today James Turk spoke with King World News about the harsh reality of what is really happening in the world.
It certainly seems as though some entities with real clout have had the markets in a virtual lockdown since Brexit.
The Asian cash markets just could not wait to open this morning after the huge Payrolls number on Friday. Admittedly, it took a little time and a better than expected Trade Surplus number (52.31 v’s and estimated 47.6) for the Shanghai market to join the excitement, but they eventually did to close +0.9% firmer. The Nikkei and the Hang Seng however, were euphoric from the start and with JGB’s trading lower (less yield from -0.1% to -0.05%) this also encouraged a weaker Yen. Nikkei closed +2.4% and the HSI +1.5% Asian futures have maintained their gains in late US trading.
Gold:1335.40 down $1.00
Regular readers of this publication will be familiar with my frequent comments that all countries have a shelf life – that they experience a slow rise, typified by a strong work ethic and a free-market philosophy, which results in a highly productive country. That productivity later results in a high level of sympathy for the disadvantaged, which political leaders turn into a justification for government largesse. That, in turn, results in a population that grows complacent and eventually apathetic, culminating in a decline into totalitarianism.
Another Strong Payrolls Report – is it Meaningful?
With the S&P 500 hitting record highs, one of the world’s most renowned investors has hit the panic button with a sledgehammer…
The title of this segment is actually the subject line of an email sent by subscriber ‘RK’ on Friday, after the post-Payrolls update that included the following statement that RK questioned. From the update…
The London Property Bubble Deflates.