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When The Rules No Longer Apply
Porter's Journal Issue #11, Volume #3
Porter Stansberry
January 26, 2026
Inside today’s Daily Journal…
Essay: When The Banks Crash, There’s Nowhere To Hide
Gold hits $5,000
Iranian leader goes into hiding
The Boston Blackout… again
Chart Of The Day: Natural gas and EQT
Today’s Mailbag
When The Banks Crash, There Won’t Be Anywhere To Hide
Last week, I wrote something that concerned many of our long-time subscribers.
If the 10-year Treasury yield crosses back above the ‘Biden Bust’ 5% level, all bets are off. If that happens, you’ll have to be out of the financial markets for the next 12 to 24 months.
Subscribers expressed alarm because this advice is contrary to so many other things I’ve taught over the years.
This flies in the face of your premise that one does not sell great companies.
When equity prices decrease during a recession or major bear market, most successful investors buy more shares of the companies they do not sell them or ‘be out of the market.’
Your response suggests that the Permanent Portfolio is not really permanent.
As I’ve been writing about since my 2011 documentary The End Of America, we are in the process of losing the dollar’s world reserve currency status.
We reached a major milestone on this path to perdition last summer, when foreign central banks’ holdings of gold surpassed the value of their U.S. Treasury investments. While the consequences of these changes are far-reaching, the most important immediate impact will be higher borrowing costs for the U.S. Treasury.
The other concern is political.
Massive government debt and huge increases to annual deficits, along with looming unfunded pension obligations, are fueling radical politics. As the government spirals toward insolvency, there’s growing desperation to maintain the gravy train. That’s what’s driving growing populist demands for socialist economic solutions, like the proposed California wealth tax and rising protectionism.
It’s a catastrophe in the making.