From Bill Bonner, Chairman, Bonner & Partners:

PARIS – On Wednesday, brick-and-mortar retailers – such as Macy’s – led U.S. stocks lower.

The Dow lost about as much as it had gained the day before. Nothing much to talk about there…

When we left off yesterday (catch-up here), we posed two questions:

Shouldn’t your editor (under torture, of course) confess his sins, renounce his apostasy, and register to vote before it is too late?

And… isn’t democracy – for all its faults – still the best game in town?

Readers voiced their opinions in yesterday’s Mailbag. We will give ours… in just a minute.

Trump Is Right

First, we pause to note that when Donald Trump suggested that he might, as president, default on America’s debt, it brought screams of doubt and pain from all over the financial world.

U.S. debt, said the pundits, was the “glue”… the “foundation”… the sine qua…