Advice to a brilliant banker.

 With inflation at its true rate of 10%, your bank is paying a hidden tax of 5b a year that all who have cash pay.   The interest you are paid will make up for some of it but that will be taxed.  So the 37t the government owes will be stealthily reduced by 3.7t this year.  No one will say anything about it just like the Weimar Republic paid off the WWI reparations with worthless currency in 1923.  It was the German bankers that generated the inflation but Jews were blamed because they were 1% of the 60m population but held 49% of the wealth.   And now 100 years later it is happening again.  Does Netanyahu really know how enraged people can become with high inflation?

Biden and Congress have no idea what they are doing and Powell and Yellen are too weak to stop them because our military can still shove our

rules for units of measure down the throats of the 97% of the world population that are not US citizens.   

So what is your best investment right now?  Great, honest, true employees.  You know that already.  But can you walk down any street in Pittsburgh and not smell marijuana where the net profit on the top 100 street corners is 10k a day.   It is an epidemic brought on by sociopathic men whose fathers abandoned them in childhood.  It is responsible for 90% of crime in this country. 

My guess is that a considerable number of your employees under that age of 60 get stoned 4 times a month.    Even though your employees SEE me copying you on my emails they still make idiotic mistakes at least 2 times a month.  For the first 57 years of my relationship with PNC from 1963 to 2020 only one very serious error was made when PNC farmed out personal investing management to absolute crooks about 30 years ago. 

Rather than test, it might be worth celebrating accretive actions.   But marijuana use is huge because it crushes integrity.  No other issue is as important.  Celebrate and reward honesty?   I really dont know the answer except AI.  Software doesn't get high. 

 

Truly, 

Graham