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Dear Fellow Traveler: A new Gallup poll says only 54% of Americans view capitalism favorably, down from 60% in 2021. They're asking the wrong question. I remind you… Capitalism died in 2008. What we have now is its zombie corpse, animated by central bank money printing and government guarantees. We have feudalistic tech companies combined with socialist tendencies in HALF OF THE ECONOMY. Again…. we don't have capitalism., We have socialism for the rich with capitalist branding for the poor. Real capitalism requires failure. Creative destruction. Bad businesses DIE. Incompetent banks collapse. That’s not allowed, Jerome!!! Instead, we bail out every failure with printed money and call it "systemic stability." You know what's hilarious? Democrats view socialism more favorably than capitalism, with 66% to 42% support. But they're already living in a socialist system. They just don't know it because the benefits flow upward. When JPMorgan gets billions in Fed repos, that's socialism. When your kid can't afford insulin, that's the "free market." The poll shows 37% view big business favorably. Of course they do. Big business isn't capitalist anymore… It's a protected cartel engaging in regulatory capture… They lobby… Then they receive subsidies, bailouts, and regulatory protections, while the costs of compliance crush small businesses. Amazon pays zero taxes while your local hardware store drowns in paperwork. "Free enterprise" polls at 81% positive because people remember what capitalism used to be. USED TO BE… (F- THIS…) They're nostalgic for a system that actually rewarded work, innovation, and risk-taking, rather than proximity to the money printer. We've been running a command economy since 2008… We let Wall Street give the commands. This is NOT capitalism. The Fed owns the bond market. The government guarantees the mortgages. The Treasury buybacks keep markets afloat. That's not capitalism. That's central planning with extra steps. The survey completely misses the point. Americans aren't choosing between capitalism and socialism. They're watching a rigged hybrid that privatizes gains and socializes losses while calling itself a "free market." Republicans support "capitalism" at 74% because they think they're defending Adam Smith. Yet they never read him. They think he is related to Granny Smith… the lady who shares the apple name… They're actually defending a system where billionaires get their PPP loans forgiven, while small businesses receive lectures about bootstraps. Did you bring your bootstraps? Want to know why capitalism's approval is cratering? Because people under 40 have never actually seen it. They've seen bailouts, money printing, and asset bubbles. They've seen homes become financialized commodities owned by BlackRock. They've seen wages stagnate while the Fed pumps trillions into asset prices. The funniest part? Small business polls at 95% positive. That's actual capitalism - people taking risks, providing services, competing on merit. But we're regulating them to death while protecting the giants who should have failed in 2008. The 2008 financial crisis was capitalism's death rattle. Everything since has been weekend-at-Bernie's - propping up a corpse and pretending it's dancing. Real capitalism would have let the banks fail. Real socialism would have nationalized them. Instead, we gave them trillions and called it a "rescue." Young people aren't rejecting capitalism - they're rejecting this bastardized version where success depends on inheritance, connections, and proximity to printed money. They want either real capitalism, where work pays, or real socialism, where society provides and shits the bed in the process… Instead, they get neither - just debt with iPhone apps. The poll asks about "capitalism" like it still exists. It doesn't. I’m done with this rant… Stay positive, Garrett Baldwin About Me and the Money Printer Me and the Money Printer is a daily publication covering the financial markets through three critical equations. We track liquidity (money in the financial system), momentum (where money is moving in the system), and insider buying (where Smart Money at companies is moving their money). Combining these elements with a deep understanding of central banking and how the global system works has allowed us to navigate financial cycles and boost our probability of success as investors and traders. This insight is based on roughly 17 years of intensive academic work at four universities, extensive collaboration with market experts, and the joy of trial and error in research. You can take a free look at our worldview and thesis right here. Disclaimer Nothing in this email should be considered personalized financial advice. While we may answer your general customer questions, we are not licensed under securities laws to guide your investment situation. Do not consider any communication between you and Florida Republic employees as financial advice. The communication in this letter is for information and educational purposes unless otherwise strictly worded as a recommendation. Model portfolios are tracked to showcase a variety of academic, fundamental, and technical tools, and insight is provided to help readers gain knowledge and experience. Readers should not trade if they cannot handle a loss and should not trade more than they can afford to lose. There are large amounts of risk in the equity markets. Consider consulting with a professional before making decisions with your money.
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