Q3 2016: State of the World

29.06.2016 • Gold and Natural Resources

From the Bill Bonner Letter (United States)-

Chris Lowe: Welcome to the third quarterly podcast [of 2016] with Bill for The Bill Bonner Letter. I’m your host, Chris Lowe, and I’m on the phone with Bill in Baltimore.

Bill, how are you?

Bill Bonner: I’m fine, thank you.
Chris Lowe: Bill, we’re talking on the day of the Brexit vote, the day that the British electorate gets to decide whether they want to stay part of the EU or not. The press is having a lot to say about the potential fallout from the Brexit. What’s your view on what’s going on in Britain?
Bill Bonner: Over here in America, we don’t really understand what this is all about. We had an episode here in America where some states tried to get out of it, and Lincoln sent the Army. It was a terrible, terrible episode in American history.

I don’t really know much about the details of it. I suspect that it doesn’t matter as much as people think.

Britain was perfectly okay before the EU. And Switzerland is not suffering a terrible depression because of being out of it, and neither is most of the rest of the world. The world is a big place.

My guess is that it’s kind of a nightmare for the people running the EU to think that they’re losing some of their power and their authority, and the people who’ve hitched their wagons to the EU.

But I don’t think it really needs to make any big difference to the world or to the English people.

Chris Lowe: Brexit is happening at the same time as the rise of Donald Trump and Trumpism in the U.S. Trump has said famously that he wants to build a wall between the U.S. and Mexico, and he wants to stop Muslims getting into the U.S., and he wants to kick out illegal immigrants.

Part of the impetus for the Brexit seems to be that Britain, or some British people, also want to keep immigrants out of Britain and keep Britain British. So, is there something happening on a global level that’s new in politics?

Bill Bonner: Yeah, definitely. Definitely, I think. The world expands and contracts.

There are periods of liberalism – and I use that in the old-fashioned way – liberalism in which people are open to new ideas, new suggestions, trade with the outside world, generally expansive and confident about the future.

And there are periods when they’re not. They’re conservative and they want to pull back or they want to close their borders. They want to protect themselves from competition and from new ideas of all sorts.

And we’re seeing that all over the world.

  We saw that in France with the rise of Marine Le Pen. And then, just most recently, in Italy with this Five Star movement. And they have taken Rome and Turin, which was a big blow to the government there.

So, we’re seeing it all over the place. In a way, nothing is surprising about it because the liberalism – again, using that in the old-fashioned way – liberalism combined with cronyism has produced some pretty weird results…

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