The Commencement Address no one wanted to hear - The Daily Reckoning
The Daily Reckoning by Bill Bonner
On This Day - 26 May 2014
The Commencement Address no one wanted to hear A  A  A

Baltimore, Maryland

Today is the Memorial Day holiday. We use this quiet interlude, with no market action in the US, to continue the Commencement Address nobody wanted to hear.

Dear Class of 2014 - Congratulations, Chumps!

You are heirs to a great society, a great economy, a great government...and more snakey illusions than you can shake a stick at.

Memorial Day gives us an opportunity to salute those who protect the people who rip them off. Without a moment's hesitation or thought (which is the only way to do it) the rush to the barricades or recruiting offices. Germans, French, Vietnamese...Royalists and Revolutionaries...Protestant, Catholic and Moslem...Nazis, Bolsheviks and Democrats...mad kings...evil dictators...oligarchs, patriarchs and string pullers - all the world's elites should pause a minute and give thanks to the poor suckers who do their bidding.

And you, the Class of '14, after 12 years in primary prison-like schools...and another 4 or more in you are ready to take your place among them.

But let's look at what you are getting yourselves into.

Attention: New Money Making Opportunities In... (Ending tomorrow)

We usually come to you with details of attractive stock market investment opportunities.

But the truth is, we have always known that the financial problems many people have cannot be solved with a new stock pick or trading recommendation.

So we were constantly looking for a solution that would help people increase their income outside the stock market also. And a few days ago, we hit upon that perfect solution.

Wealth Builders Club India, which we've been telling you about, gives you the opportunity to increase your income and attain complete financial independence without going anywhere near the stock market.

And many of these methods don't need much initial investment too.

However, registrations to the Club are closing at midnight TOMORROW... which gives you just have one more day to decide!

So don't let this opportunity pass.

If you sign up and really find the methods ineffective, you can simply ask for your money back up to a full one year after joining. So sign up right away...

Specifically, let's look at the financial system. It's not at all the same financial system that your parents came into, by the way. And it has some new features that are going to make you the biggest chumps in history.

Did I mention the Cantillon Effect...Intertemporal Discoordination and Baumol's Disease? These are just ways economists have tried to understand the financial distortions and economic perversions caused by today's money system. Look, I don't have time to explain the entire universe to you...but here is what you need to know:

The whole system is rigged against you.

Even college itself. Did you ever wonder why did you go to college? And why was it so expensive? You pay an average of $30,000 per year, plus another $10,000 for room and board! As I explained on Friday, the unlimited credit of the post-'70s period favored talkers and meddlers over doers and makers. For 90% of people, real wages have been flat since 1968. The other 10% had jobs that were for mostly for college graduates, jobs in finance and administration. That's why you're here...because you wanted to be in that small group of Americans with rising incomes.

The last 4 years should have been the best years of your life. You were as alert, energetic and strong as you ever will be. And what did you really get for it? Did you learn more in school than you would have learned in real life? I doubt it.

Real life is tough. Infinitely complex. Unlimited in its subtlety and ambiguity. You never know when you'll be tested in real life...and never know what the test will cover. So you have to be on your toes. In college, you can get through courses with Cliff Notes and cram sessions. In real life, you have to use your brain.

In college, life is stripped down, simplified to the point of caricature. People are turned into stick figures. History, politics, sociology, psychology, government, economics -all are reduced to simple narratives that can be taught, studied and learned. An infinite variety of facts and nuances must be distilled to just a few; the flesh must be boiled off the bone. What you end up with is bare, with 10% useful insights...and 90% claptrap. And we don't even need to mention literature, art, and gender studies.

Now that you are graduating, you must think you know something. But unless you're in the sciences or engineering, what you know is probably not worth knowing. It's not how real life works. And the longer you spend in school studying this artificial world, the less able you are to function in the real world.

Most of history's successful people spent little time with formal education. Alexander the Great, Julius Caesar, Aristotle, Hannibal Barca, Abraham Lincoln, Cornelius Vanderbilt. Henry Ford, Charles Dickens. Thousands of others. And as everybody knows, Steve Jobs, Bill Gates and Mark Zuckerberg all dropped out of college. But today, big employers want you to have a college degree. Especially the biggest employer of all - the government. Heck, today Jesus of Nazareth could apply for a job as a social worker in any town in America. He wouldn't get it. He didn't have a diploma. Socrates could offer to teach a class in philosophy; almost every university in America would turn him down. 'Where's your Ph.D?' They'd ask. Archimedes, the greatest engineering genius of all time, wouldn't be able to design a county storm drain.

But what kind of a system wastes strong backs and ignores strong minds?

More to come...

Bill Bonner is the President & Founder of Agora Inc, an international publisher of financial and special interest books and newsletters.

The views mentioned above are of the author only. Data and charts, if used, in the article have been sourced from available information and have not been authenticated by any statutory authority. The author and Equitymaster do not claim it to be accurate nor accept any responsibility for the same. The views constitute only the opinions and do not constitute any guidelines or recommendation on any course of action to be followed by the reader. Please read the detailed Terms of Use of the web site.

Get The Daily Reckoning directly
in your mail box.
Just enter your e-mail address » 

Read our Privacy Policy and Terms Of Use.

Equitymaster requests your view! Post a comment on "The Commencement Address no one wanted to hear". Click here!

2 Responses to "The Commencement Address no one wanted to hear"


May 27, 2014

your inability to write one positive commentary is beyond belief - glad that you are not teaching in school to these students. Equitymaster, for whatever is worth, should reconsider such series of misdirected articles.

Like (1)


May 26, 2014

How true!american system is becoming a burden.even after graduation you have to spend for renewal of ypur registration by attending seminars and lectures at high cost to takecredit hours to keep up with new advances.this is another type of exploiting.

Like (1)
Equitymaster requests your view! Post a comment on "The Commencement Address no one wanted to hear". Click here!

Recent Articles:
Trump Takes a Beating
August 18, 2017
Donald J Trump, a wrasslin' fan, took a 'Holy Sh*t!' blow on Tuesday.
Which Gods Will Bring Down the US Empire?
August 17, 2017
Mr Trump is in the White House and the gods are in their heavens; what's not to like?
Will They Haul Off Trump's Statue, Too?
August 16, 2017
All across the country, the old gods become devils. New, gluten-free gods take their places...
Farm Loan Waivers: Why Bad Economics Makes for Good Politics
August 14, 2017
It is because the negative effects of the waivers aren't clearly visible.