Bill Bonner: A journey through the Baltimore ghetto…

From Bill Bonner, Chairman, Bonner & Partners:

BALTIMORE – We left the fantasy island of modern finance today. We had to take our pick-up truck in for repairs.

The dealers all seem to be in East Baltimore… or east of Baltimore… so we drove out of Mulberry Street to Pulaski Highway and finally over to Merritt Boulevard.

A Different World

Just three blocks east of our office, in the Mt. Vernon district, a different world begins.

The first indication of it is the old stone prison at the bottom of the hill, first commissioned in 1801.

For more than 200 years, Baltimore’s jail has been a disgrace to the city and its correctional efforts. Overcrowded. Filthy. Degenerate.

The critical reports go back almost to the day it was built. Back then, as many as half the prisoners were there for failing to pay their debts. (Today, a similar percentage is…

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