By Ryan Dinse Editor, Crypto Capital and Alpha Tech Trader

Dear Reader,

In 1923, seven of America's richest self-made men met at the top of the Edgewater Hotel in Chicago.

Collectively, they controlled more wealth than the entire US Treasury.

They were there to celebrate their collective success and plan for future dominance.

The media held these men up as shining examples of the American dream — the idea that no matter who you were or where you started in life, you could make it to the top.

Indeed, the rise to the top for a few of them was nothing short of remarkable.

You had Charles Schwab, a steel magnate who started out life as the son of poor German immigrants.

There was Jesse Livermore, son of a failed farmer who left home at age 14 with just $5 in his pocket and went on to become the most famous trader of his day.

Wheat speculator Arthur Cutten’s first job was as a bookkeeper on $4 a week.

And you had Albert Fall, a self-educated Kentuckian who first worked at a cotton factory before eventually becoming a member of the President’s cabinet.

As I said, these were all self-made men who rose to the top of the finance game and amassed great personal wealth.

But here’s the thing…

Within two decades of this meeting, two died broke, three committed suicide, and two ended up doing lengthy stints in prison.

It’s a parable of biblical proportions.

It has many lessons, including the most important one, which is that money doesn’t make you happy.

A miserable poor person is likely to be a miserable rich person too!

But as an investor, it has one important lesson for you, especially in today's world.

And it’s this…

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By Bill Bonner Editor, Fat Tail Daily

‘Those whom the gods would destroy are first driven mad’ 

Euripides 

MarketWatch: 

‘Trump promises “massive tax cuts” and an end to inflation in convention speech 

‘I will end the devastating inflation crisis immediately, bring down interest rates and lower the cost of energy,” Trump said during his wide-ranging address. “We will drill, baby, drill,” he added, predicting that will “lead to a large-scale decline in prices.’ 

Hold onto your hats; it’s going to be a wild ride. 

Anything could happen; but an end to inflation is unlikely. 

In 1999, the US was master of itself, and the world. As late as 2008, it could still control its national debt and raise interest rates, if necessary, to cool inflation and protect the dollar.  

But today, it is trapped. The debt is six times bigger. It now controls us. The Fed can lower rates; it can’t raise them...or, not by much. And as the debt grows, so does the pressure not to fight inflation at all, but to welcome it...or even cause it. Inflation will be a policy choice. 

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