Plundering Is The Last Business Model

In the post-2008 era we can thank ancient mythology and glue fumes for keeping the American dream alive...

This week I was walking to the restroom next to the Washington Monument in D.C. A young couple walking out ahead of me were shocked by the fact that the ceiling was caved in and water was flowing into the bathroom. It looks like a Third World squatter hut. The roads in D.C. look like they've been carpet bombed. Rome has been sacked by corporate pillagers. The faux is in the hen house.  

"as millions of Americans grapple with their smaller-than-expected refunds, they are hearing more and more about the big winner of the tax-reform scam: corporate America"

the GOP tax scam was always designed to benefit one group and one group only — the richest and wealthiest among us. Remember when Rep. Chris Collins (R-N.Y.) claimed, “My donors are basically saying, ‘get it done or don’t ever call me again’"?

Speaking of mythology, inconveniently one day ahead of Berkshire Hathaway's annual letter to shareholders, one of the company's largest holdings - until it lost 70% of value - Kraft Heinz - spontaneously combusted.

Due to "accounting irregularities":

Berkshire portfolio losses led analysts to cut 4Q earnings estimates in half late this week, as Berkshire's stock holdings are now marked to market from an accounting standpoint.

Berkshire is also massively exposed to climate change denial:

“The most recent quarter also included substantial catastrophe losses for the global [property and casualty] insurance industry” due to Hurricane Michael and wildfires in California “which we would also expect to negatively impact Berkshire’s earnings”

Don't feel too bad though because just one year ago, the company had a massive windfall:

"It revealed that the company’s net worth increased to $65.3 billion for the 2017 tax year, including $29 billion because of tax reform."

No surprise, Buffett's just released message for 2019 had an upbeat message. Fear not the Ponzi borrowing and the money printing. Because without those Berkshire would be worthless.

"Those who regularly preach doom because of government budget deficits (as I regularly did myself for many years) might note that our country’s national debt has increased roughly 400-fold during the last of my 77-year periods. That’s 40,000%! Suppose you had foreseen this increase and panicked at the prospect of runaway deficits and a worthless currency

Charlie and I happily acknowledge that much of Berkshire’s success has simply been a product of what I think should be called The American Tailwind."

There ain't no room
For the hopeless sinner
Who would hurt all mankind
Just to save his own
Have pity on those
Whose chances are thinner
'Cause there's no hiding place
From the kingdom's throne