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Beneath the Surface

What Are You Resisting, Gavin?

Loading ...James Hickman

November 18, 2024 • 4 minute, 53 second read


CaliforniaTrump

What Are You Resisting, Gavin?

The blood isn’t even dry on the corpse of Kamala’s billion dollar presidential campaign, and the opportunists in her party are already shamelessly jockeying for power.

California Governor Gavin Newsom has just called a “special legislative session,” to “Trump-proof” his state and “safeguard California values”.

Naturally we’re left wondering, what exactly are those California values?

Luckily, Newsom gave us a demonstration earlier this week. As a classic tone deaf politician, he wandered around Los Angeles’ skid row neighborhood in his $1,200 shoes, with his $8 latte— and very fancy tailored suit— while being heckled by the neighborhood’s residents and homeless.

Apparently, he expects to be greeted as a hero everywhere he goes, completely oblivious to the destruction he has caused.

It appears that the value he aims to protect is that he, and he alone, should be in charge, at everyone else’s expense.

Obviously preparing for a White House run, it is also so interesting that Newsom, over the past couple of years, has gone out of his way to compare and contrast his state against his arch nemesis, Ron DeSantis, Governor of Florida.

The left seems to think Florida is the worst place in the world.

MSNBC host Joy Reid captured the angst of the left, howling that America might turn into Florida: “that kind of extreme, extremist right wing fascist type government.”

Ah yes, fascist Florida, the state which did not lock down its residents for years in the name of COVID, did not shutter business, require masks, force injections, or arrest people for walking in parks.

The state with a booming economy, with a balanced budget, despite having NO state income tax, with massive net migration, and constantly improving infrastructure— despite being pummeled by hurricane after hurricane.

God forbid America turns into Florida!

But this is one of the beautiful things about America.

As the Founding Fathers were framing the US Constitution in the 1780s, they baked in the idea that states should have tremendous autonomy.

They had all read Adam Smith’s 1776 work, The Wealth of Nations. They understood that competition between states would make America a marketplace of ideas and policies, where the best ones could win out.

And while the federal government has amassed way more power than was ever intended, you can still see the results of capitalist-style competition between the states.

It’s why California, New York, and New Jersey are losing population amidst unsustainable state government debts, crime waves, unchecked illegal immigration, and high taxes.

And it’s why states like Florida and Texas are booming— because Americans all have a choice of where they live.

But still, if you want a government that spends $35,000 per homeless person, yet doesn’t reduce the number of homeless, you can move to California.

If you want a state that promises high speed rails, but 16 years and $35 billion later has nothing to show for it, California is calling!

If you want a Governor who raises taxes on oil and gas, shutters nuclear power plants, and insists on inefficient “renewables” unable to keep up with electric grid demand from the electric vehicles he mandated, Newsom is the guy for you!

If you want to live in a place where shoplifting is decriminalized, Newsom is your knight in shining armor.

The Founding Fathers gave Americans the option to build their own Plan B… as well as Plan C, D, E, F, G, H, I, J, K, L, and M to choose which of the original 13 states they preferred.

Today, you can freely choose from 50 states to move to without asking permission.

If your number one concern in life is making sure your children have access to drag queen story hour, there are plenty of options for you in the United States.

If, on the other hand, you prefer to live in a state with sounder government finances, safer streets, better performing schools, and lower taxes, you also have options.

You even have the additional choice of the territory of Puerto Rico, if you want to legally avoid having to pay federal income tax.

And there are also about 170 other countries on earth to choose from as well, for a cheaper cost of living, access to inexpensive healthcare, a better climate, or your preferred lifestyle.

Obviously, there is still a mountain of problems to fix and challenges to overcome for the country as a whole.

But the fact that Newsom thinks he’s the guy that can get it done it just hilarious.

His idea of “Make America California” is so blind to everything that has happened in his state, including the countless residents and businesses who have fled California in disgust.

He’s also blind to the fact that “make America California” was already on the ballot in this election. And it got complete destroyed.

That’s essentially what Kamala and the guy who shakes hands with thin air were doing.

The results are clear: Americans are weaker, poorer, the country more chaotic, less unified, more pessimistic, and less respected internationally.

Newsom is so delusional he still thinks people want more of this. Honestly, it’s hilarious.

And as I wrote last week, this is actually good news for the most part.

The risk, of course, is that if the incoming government isn’t able to move the needle in the right direction and get the country back on track, there may be another giant turn to the left in a few years, not to mention some pretty severe social and financial consequences.

This is why it still makes sense to maintain a solid Plan B.

But as long as there are Inspired Idiots like Newsom who think people actually want more destruction, more likely the Left will continue to lose… and hence the better chance that the country and the world will have a brighter future.

 

~~ James Hickman, Schiff Sovereign


Stay the Course on Bitcoin

November 21, 2025 • Ian King

The narrative for BTC and other cryptocurrencies is that every government around the world has high debt-to-GDP ratios. It means they are going to print more currency. It means there is a need for alternative currency. In the past, this alternative currency was gold.

Gold is not very portable. It’s a good store of value. It’s not as great of a store of value as BTC in terms of actually storing it. BTC, you can store it on a hard drive or at Coinbase. Gold, if you have bars you have to keep them in a bank or you have to dig a hole in your backyard. And you can’t send gold around the world as easily as you can send BTC.

I still think this rally has legs. If you go back to where the breakout happened, we were really in November of 2024 that was the beginning of this bull market in my mind because that was the first time we hit an all-time high in a couple years. Then we rallied. We pulled back. We tested that level again.

The uptrend, in my mind and with what I’m seeing, is still intact. We’re just in an oversold condition right now.

Stay the Course on Bitcoin
A $900 Billion Whiplash

November 21, 2025 • Addison Wiggin

Nvidia’s $900 billion round-trip this week wasn’t about some revelation in Jensen Huang’s chip factory. The business is firing on all cylinders – and may yet be one more reason for the market to soar higher into 2026.

The culprit was the macro — one gust of wind from the labor market and trillions in valuation shifted like sand dunes.

Nvidia’s earnings lifted the market at the open, but the jobs report’s undertow snapped sentiment like a dry twig. As we pointed out this morning, the S&P notched its biggest intraday reversal since April.

The first half of the move was classic Wall Street choreography: blowout earnings, analysts breathless with adjectives, and every fund manager terrified of underweighting the patron saint of AI.

A $900 Billion Whiplash
About Yesterday’s Slump

November 21, 2025 • Addison Wiggin

In April, following the “Liberation Day” low, the indexes took off in the morning only to crash later in the day. The first and only other time in history we have seen a strong bullish opening followed by a sharp bearish close was during the 2020 recovery from the Covid shock.

In both cases, the markets were rebounding from exogenous shocks.

That’s not where we are today. The index-level charts may look composed, but underneath plenty of individual stocks are trading as if they’ve already slipped into a private bear market of their own.

We’ll see how the day unfolds. It’s options-expiration Friday — the monthly opex ritual when traders roll positions forward, unwind old bets, and generally yank prices around like terriers with a chew toy.

About Yesterday’s Slump
The Internet Just Got Its Own Money

November 20, 2025 • Ian King

Every major tech shift has followed a similar pattern. As information moves faster, the money follows.

The telegraph made news global and opened up a world of investment opportunities. Radio, and then television, ignited a new wave of prosperity for investors. And the internet made communication instant, creating fortunes for those who saw what was coming.

Now standards like x402 are doing the same for AI and digital payments, potentially putting Jamie Dimon’s empire in jeopardy.

If you have Coinbase building the payment rails, Circle handling settlement and projects like Worldcoin and Particle Network solving for identity and wallets — do you really need a bank to validate transactions and keep track of who owns what?

All of these companies are helping to build a new layer of fintech infrastructure. And they’re all working toward an economy that runs continuously, without the need for corporate scaffolding.

The Internet Just Got Its Own Money