In our beloved homeland, mommas send their children to the very best schools so they can get jobs in finance! Ah...that's where the money is...not in making THINGS but in making MONEY itself.
Harold Macmillan once described Britain's post-war service economy as one in which "we take in each other's washing [laundry]." But in the 21st century U.S. economy, people don't even get their hands wet. They take in each other's money; one manages his neighbour's money...another lends his neighbour money for a house...and another takes his neighbour's company, 'restructures' it, and sells it back to him.
The United States, for example, used to be the world's largest steel-maker. No more. Where the United States used to make steel, now it gambles. Literally.
Here, another message from Porter Stansberry:
"'I'm not making this up. Beth Steel's flagship iron works in Bethlehem PA - where the steel in the Golden Gate Bridge was made - has been purchased by Las Vegas Sands Corporation and will be turned into a casino.
"I've never been more willing to buy gold."
The AP Story:
"A sprawling 130-year-old steel plant that armored hundreds of U.S.
warships and provided the raw material for the Golden Gate Bridge, Madison Square Garden and many other famous landmarks will become a hive of activity over the next few days as workers start preparing some of its buildings for demolition.
"More than a decade after its towering blast furnaces went cold, Bethlehem Steel's flagship plant is being transformed into a USD$600 million casino complex run by Las Vegas Sands Corp., owner of the Venetian Resort Hotel Casino in Las Vegas.
"...State gaming regulators awarded Sands a slots license in December. The company plans to open a casino with 3,000 slot machines by the end of 2008, a 300-room hotel and 50,000-square-foot convention center three months after that, and a casino addition with another 2,000 slot machines in summer 2009.
"'It will be one of the most unique economic development projects in the country, and people will come far and wide to see it," [Mayor John Callahan] said. "It will be a national model for the redevelopment of an industrial site.'"
Bill Bonner
The Daily Reckoning Australia
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About the Author
Best-selling investment author Bill Bonner is the founder and president of Agora Publishing, one of the world's most successful consumer newsletter companies. Owner of both Fleet Street Publications and MoneyWeek magazine in the UK, he is also author of the free daily e-mail The Daily Reckoning.
